12h ago in General discussion
November 29 Stock Market Briefing
Good Morning Folks, Happy Friday!
The futures are indicating a higher open to this shortened holiday and month ending session. Falling treasury yields and dollar are helping fuel the pre-market enthusiasm. This week has brought us inflation updates that have hit the sweet-spot and decent demand during another heavy week of debt sales, both helping the rally that began last Friday when President-elect Donald Trump nominated Wall Street money manager Scott Bessent as treasury Secretary.
The 10-year yield has retreated to its lowest point in a month (4.20%) and 30-year long bond yields at their lowest in six weeks. Energy markets have helped, with crude prices dropping on the tentative ceasefire between Israel and Hezbollah in Lebanon. U.S. gasoline pump prices have quietly ticked down to their lowest in more than three years. Next week will bring us labor market data to update us on the gradually cooling U.S. employment situation, with futures still pricing more than a 50% chance the Federal Reserve will cut another quarter point off policy rates next month. There will be no economic data today, as it was all moved to Wednesday because of the holiday and today's shortened session. No Fed members speaking today.
*Today's half session has been historically a quiet session spent watching the malls for clues on the holiday shopping season. The light volume is insufficient to drive moves that stick and today being the last session of the month just adds an additional of uncertainty.*
We have enjoyed another strong month of performance and rather than force a trade we will sit today out and return on Monday with a new trade.
**Enjoy your weekend, and see you all at the Masterclass on Saturday at 4pm MST or 6pm ET. **
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November 29 Stock Market Briefing
