OptionEye Macro Outlook November 30th
Good morning and happy end of month.
Crude already off to the races. You don't have to be a mind reader to guess that it has something to do with OPEC optimism - and that is exactly what it is. I have been saying that trying to follow the OPEC ministers rhetoric is like watching who is going up and down the elevator at Trump Tower.
This morning crude is up $3.82 to $49.05. That is a big move. Gold not doing much this morning at $1185.70 down $2.55.
The grains see corn up 4, beans up 5 and wheat up 4.
The stock market will open a little higher this morning with the S&P future up 5 points and the Dow future up 36 points. In just this month alone, the Dow is up 5.4%, the S&P up 3.7%, Nasdaq up 3.7% and wait for it......the Russel 2000 is up 11.5%. Wow. That is a Trump rally if I ever saw one.
The 10 year moving back up to 2.34% after bouncing off that key low of 2.30%.
The dollar is a little stronger again today at 101.18 up .25.
Today we get MBA Mortgage Applications, ADP Employment Change, Personal Income and Spending, PCE, Chicago Pruchasing Manager Index and Pending Home Sales.
All on OPEC today.