We’re flying higher this morning.
Not for any particular reason other than the post-holiday volume is very low and it’s easy to manipulate the market so why not set a new high to open the new month? The Dow is almost at 35,000, S&P 4,225, Nasdaq 13,750 and Russell 2,300 and both the Russell and the Nasdaq are 50-points off their Spring highs still but it’s a very impressive start nonetheless.
It’s a short week and we have very little data, mostly PMI and ISM numbers with 9 Fed speakers plus Powell on Friday morning. We do have a look at the Beige Book tomorrow at 2pm but it’s even going to be a slow earnings week – with very few major reports and nothing that’s likely to move the market – one way or another:
Things are hardly back to normal at the beginning of month 6 of 2021 as evidenced by the weekend box office at the movies, which TOTALED $97M, $57M of which went to “A Quiet Place Part II” – that’s about half of what a normal Memorial Day weekend brings in and part of that is because “Cruella”, the other big show for the weekend, was also released on TV in this strange World we now live in – so it’s hard to say the movies were a total disaster but I have ti imagine it’s a harbinger for a disappointing weekend and that means I would like to take a poke at shorting Oil (/CL) Futures at the $68.50 mark – with tight stops above that line.
It looks to me that oil has gotten way ahead of itself though this week’s Inventory Report, which is delayed until Thursday, will only show the pre-holiday levels – so we won’t get a real indication of demand until next week – it could be a rough ride but I’d hate to miss the opportunity to catch a $2,000 per contract move down, back to $66.50. OPEC is also meeting today, so that’s going to move things but it’s most likely they reduce their production cuts – especially with the general consensus that demand will…
Provided courtesy of Phil’s Stock World.
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