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“Knowledge speaks, but wisdom listens” – Jimi Hendrix
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Heading into the last trading day before Thanksgiving, equity futures are modestly lower while crude oil sees a modest rally (still below $70), and the 10-year yield is down close to 5 bps trading near 4.25%. After a sharp pullback from record highs in the first half of November, gold prices have caught a bid in the last week, and prices are pushing back close to $2,700 per ounce after dropping as low as $2.540 on the 14th. Bitcoin prices have also pulled back since their all-time high of just below $100,000 last week, and after dropping below $91K yesterday, the price is rallying over 2% today and back above $93K.
With today being the last full trading day of the month, a ton of economic data is getting packed into the day (good luck trying to keep up), so where the market stands at 4 PM today will likely differ a lot from where it is now.
After an initial post-election surge that took the S&P 500 barely above 6,000, stocks took a bit of a breather mid-month as the S&P 500 closed lower than it opened for five straight days pulling back just over 2%. The second half of November has put the market back on track, though, with the S&P 500 now riding a seven-day winning streak into the last trading day before Thanksgiving.
Going back to 2000, the current run for the S&P 500 is the 26th time the index has been up at least seven trading days in a row. Of the prior 25 streaks, only eight stretched to an eighth day, and the longest was nine trading days in November 2004. What makes the current run somewhat unique is that it is the fourth time in the last five months that the S&P 500 put together a streak of at least seven positive days in a row. The only other year since 2000 that saw even four seven-day winning streaks in an entire calendar year was 2013.
