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:
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…
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