The market is open and stocks are at all-time highs.
In early trade on Monday, the Dow was up 27 points, the S&P 500 was up 5 points, and the Nasdaq was up 26 points.
On Friday, the S&P 500 made an all-time closing high for the 45th time this year.
Its a shortened holiday week for the market, with the market closed on Thursday and only open for a half day on Friday.
In a morning note on Monday, Dave Lutz at JonesTrading said that traders are looking for volumes to deteriorate through the week as Wall Street looks to get a jump on traffic ahead of Thursday’s Thanksgiving holiday.
Floor legend Art Cashin of UBS said in his morning note on Monday that Thanksgiving week has about a 70% bullish bias, with potential upside of about 1%-1.5%. Nothing crazy, but be alert.
Tuesday and Wednesday are busy days for economic data in the US, though Monday was quiet with Markit’s latest flash US service sector PMI showing expansion in the services sector coming in at its slowest pace since April.
And while the US market is closed on Thursday, all eyes will be on the latest OPEC meeting in Austria, with the market closely watching for any news regarding production cuts from the oil cartel.
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