Preview of Wednesday's Market

Good morning. Futures are well above fair value this morning, suggesting an enthusiastic opening when the bell rings at 9:30 a.m. EDT. S&P futures are up 1.80 (fair value -3.78), Nasdaq futures are up 9.50 (-3.18) and Dow futures are trading up 13 points (-30.43).

Fed Chairman Greenspan makes an appearance before the House Financial Services Committee this morning. Like yesterday, he's likely to say the Fed is poised to raise rates only if they need to. More importantly, traders are likely to anticipate and hang on every word.

Also on the data docket today, the Energy Department will report crude inventories at 10:30 a.m. EDT. Crude and gasoline inventories are likely to be down slightly under a million barrels. Crude continues to hang above $40 a barrel, with some pundits now suggesting that demand is actually outpacing supply.

There are plenty of earnings today as the tables below indicate.

Today's trading focus will likely be Microsoft (MSFT - commentary - Cramer's Take), which provided fuel for the futures rally this morning by announcing a boost in its dividend, a one-time $3/share dividend and a $30 billion stock buyback plan over the coming four years. And we wondered what it was going to do with its cash -- look no further!

Molson and Coors (RKY - commentary - Cramer's Take) look like they are close to a suds merger. I'll drink to that.

Have a great day.

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At time of publication, Edmonds was long Microsoft, although holdings can change at any time.

Christopher S. Edmonds is vice president and director of research at Pritchard Capital Partners, a New Orleans energy investment firm. He is based in Atlanta. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While Edmonds cannot provide investment advice or recommendations, he welcomes your feedback and invites you to send it to [e-mail].