Morning 11-30

NASDAQ +15 handles this morning after dropping 1.7% yesterday “fang” Stocks dropped between 2-4% weighing heavily on Index. However, fear not NDX still up ~27% for the year. Some of this Tech weakness was felt in South Korea and Taiwan where stock market closed down 1.5% or so. NKY though +.5%.Chatter was that A rotation out of Tech into Blue chips or anything not tech as SPX and Dow closed little changed. Most European stock markets higher and why as the Worlds broadest equity market the MSCI all country index will close higher for 13 the consecutive month (Reuters) The other big Story, Bitcoin has calmed down somewhat today as It trades 9958, trading 3% lower than yesterdays “settle”. Yesterday’s panic selloff was exacerbated when one of the exchanges went down. Still working out the Bugs I guess. Overnight Economic releases saw EZ Unemployment and CPI, The former lower then consensus by.1 and the latter higher then consensus by .1%.The more important CPI print weighed on the Euro for a few minutes but she sits unchanged on day trading higher than she was prerelease. Euro Unchanged, Yen down 30 ticks and Dollar up a couple ticks. GBP higher as it continues to expect a smooth Brexit divorce now that a cost is agreed upon GBP+50 Pips.
OPEC meeting concludes today and it appears that Production cuts will extend until end of Next year with members possibly meeting next June to discuss progress of cuts. No surprise if to markets if true. OPEC press conference scheduled for 8:00 today. Currently oil +1%.Natural gas giving back some of her recent gains as prices have rallied some 9% so far this week. Mid December, Artic Blast not going to be as cold as forecast.
Copper +.5%, Gold and Silver little changed. Dollar activity will be driver of action today. Month end today may see more than normal action as some funds may call today their yearend.
The senate may bring to the floor there version of Tax bill as it has cleared all the appropriate committees. Today’s vote does not make this bill a law as it must be reconciled with House before sent to President. The surprise would be no Vote on bill this week. Next week the political conversation will turn towards Government shutdown, Budget ETC. never ending political drama.
Notes:
• President trump Nominated Marvin Goodfirend to be a Fed Governor a position that has been vacated since 2014.He is perceived to be a hawk
• Monthly PCE Inflation reading is economic highlight of day.

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