Good morning. It is 36 degrees and ever so lightly raining, if at all, here in the Upper Hudson Valley. Rain is expected with the temperature getting up into the 40s. The battle between snow and grass is definitely being won by grass. Right now there's only splotches of snow here and there along with the usual high piles at the end of parking lots and such. Wednesday is a good day, the week is rolling by, and soon we will be in full holiday season regalia.
At 8:50 a.m. ET futures are moderately higher and the price of oil per barrel is down around $54. The market is poised to open higher and energy equities will once again probably take it on the chin.
In my humble opinion two things will have a strong effect on today's market movement. That would be the continued decline in oil prices and results of a Fed meeting. Lately there seems to be no correlation between how the market opens and how it closes with really wide swings during the day from negative to positive and back. How I look forward to a new period of stability in the markets.
CNN: Stocks: 5 things to know before the open
Investors will be monitoring the Federal Reserve news conference at 2 p.m. ET to gauge what Fed chair Janet Yellen is planning for monetary policy over the coming year.