November 21, 2018
8:45 am EDT
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
It looks like the bears got their selling out of the way early in the week and have now gone on holiday as stock markets have been bouncing back this morning. Dow futures are up 172 points or 0.7% this morning, clawing back some of yesterdayâ€™s 552-point plunge. In a reversal of Mondayâ€™s relative performance, the tech-heavy NASDAQ fell 1.7% yesterday, less than the 2.2% decline in the Dow Industrials and the 3.0% plunge in the Dow Transports. Overseas markets are also on the rebound today with the FTSE and DAX both up more than 1.0% and the Hang Seng gaining 0.5%.
Energy prices are staging a relief rally as well today with WTI crude oil up 2.4% and Brent crude up 2.1%. Natural Gas is up 3.2% trading back up near $4.65/mmbtu. Because of the US holiday, both DOE crude oil and EIA Natural Gas inventory reports are due mid-morning.
The US Thanksgiving holiday weekend starts today. Itâ€™s common on the Wednesday for markets to go quiet after about noon Eastern Time and remain that way through the end of the week. That being said, the retail sector, which has been under heavy pressure in recent days, could be active around Black Friday sales reports.
On days when the US is closed and Canada is open our markets often trade flat to slightly positive on light volumes. We could see some activity over the next couple of days with the Canadian financial system review out Thursday plus Canadian retail sales and inflation out on Friday.
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