29Nov3:36 pmEST

Oil's Big Day Tomorrow

Stocks are broadly coasting into the bell here, as the impressive resilience early in the session gave way to apathy and aloof attitudes by traders in the afternoon. Overall, the market is still giving the look of a contained consolidation, thus far. 

However, the back half of this week presents a few events we need to monitor, especially in terms of how stocks react. Specifically, the OPEC meeting takes place in Vienna tomorrow, followed by the big jobs number on Friday morning. 

Regarding oil and OPEC (also note the weekly inventory report is tomorrow, too), crude has been acting skittishly in front of the main event. Perhaps this is a "sell the rumor, buy the news" variation. But as long as the USO ETF holds below $10.80 it is tough to embrace the bull case with arms wide open. Oil may still be well above its winter lows, but it is not been very convincing in arguing for a new bull market, which is one reason I have generally been reticent to push energy longs for very long, if at all. 

More on this and plenty of other ideas after the bell. 

More Signs of Rotation Stock Market Recap 11/29/16 ...


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