The Morning Look

Market Update:

Stock futures are higher ahead  of Wednesday’s open as oil prices surged 7% ahead of the OPEC decision later today. Looking forward, the highlights for the rest of the week are: OPEC’s meeting, the End of Month, and the always fun (and fake) jobs report on Friday.

Gary’s Thoughts: S&P futures up a wee bit. Nasdaq flat. The big story is OIL…after getting hit past 3 days because of non-action by OPEC, we wake up to supposedly, a deal in hand. Thus oil back up what it lost past 3 days…about 7%. Wild action for oils recently.

Economic Calendar:

  • MBA Mortgage Applications 7:00 AM ET
  • Robert Kaplan Speaks 8:00 AM ET
  • ADP Employment Report 8:15 AM ET
  • Personal Income and Outlays 8:30 AM ET
  • Jerome Powell Speaks 9:15 AM ET
  • Chicago PMI 9:45 AM ET
  • Pending Home Sales Index 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • Jerome Powell Speaks 11:45 AM ET
  • Loretta Mester Speaks 12:35 PM ET
  • Beige Book 2:00 PM ET
  • Farm Prices 3:00 PM ET

Highlights:

  • OPEC Finally Meets Today? Oil has been trading between $40-50 for the past few months in anticipation of today’s meeting
    Gary’s Thoughts: As said, right back up. We’ll see if it holds.
  • Get ready for Cyber…Wednesday? The deals keep coming, and shoppers aren’t tired, analysts say
    Gary’s Thoughts: Cyber Thursday, Friday, Saturday…

The Closing Look

Stocks closed mixed to mostly higher on Tuesday as the very strong election rally continued. Before the open, the government said GDP rose 3.2% in Q3, beating estimates for a gain of 3.1%. A separate report showed decent data for the real-estate market. The S&P Corelgoic Case-Shiller Home Price Index rose 0.4%, matching estimates for 0.4%. Finally, consumer confidence came in a t 107.1, easily beating estimates for 101. Elsewhere, oil prices fell 3.5% after Russia’s Energy Minister Alexander Novak said he will not attend the highly anticipated OPEC meeting on Wednesday. He did say that Russia is ready to discuss potential co-operation with OPEC if the group of oil-producing countries strikes a deal to cut output. Russia is a big producer of oil and their lack of interest in cutting production may derail OPEC’s plan to cut production.

Gary’s Thoughts: More importantly, loving the picks by Trump. Wilbur Ross is brilliant. Mnuchin brilliant. Now let’s hope they do as promised. Get DC out of the way of the American people. As we have told you, we cannot continue with the trajectory of higher taxes, massive government spending, massive debt, massive deficits, massive rules, massive regulations, massive mandates…all brought to you by the failures in DC. Just think of their logic…put away the big sodas, don’t eat as much salt…BUT GO AHEAD AND SMOKE THAT WEED! Only from government bureaucrats!

Required Reading

Listen To Tuesday’s Investor’s Edge Radio Show: 11/29/2016

Listen To Tuesday’s Investor’s Edge Radio Show: 11/29/2016

Listen to the show by clicking here.

http://archives.warpradio.com/btr/investorsedge/112918.mp3