It’s been a strong week for US markets heading toward the holiday weekend. The S&P 500 broke out to a new all-time high amid growing enthusiasm for US economic prospects and a rally in energy prices. A pause in the US Dollar’s relentless drive upward also appears to have taken the lid off stocks and helped gold to stabilize. Energy commodities have attracted strong new interest to start the trading week. WTI crude oil rallied 4.5% on indications from Iran, Iraq and Russia that they still want to hammer out a production freeze/cut deal for next week’s November 30 big OPEC meeting. At the same time, the potential for higher seasonal demand has encouraged traders to return to energy markets. A warm fall to date following a warm winter last year has quickly faded into memory as plunging temperatures and snow falling in the Midwest and Eastern consuming regions has signalled an early onset of winter sparking big seasonal rallies in natural gas and heating oil. In addition to energy markets, copper continues to climb and this combination has sparked rallies for resource stocks and resource currencies with CAD, AUD and NZD all bouncing back from recent weakness. Gains for energy producers and miners have propelled the resource heavy Canadian market to a breakout and this enthusiasm could find its way into today’s Australia trading as well. It’s a light day for economic news with the main events being Canada retail sales and US existing home sales tomorrow. A flurry of US data is expected Wednesday before things go quiet for the holidays as usual. Corporate News There have been no major announcements after the US close today. Economic News Significant announcements released overnight include: Canada wholesale sales (1.2%) vs street 0.5% Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 10:00 am GMT UK CBI total orders street (8) vs previous (17) 8:30 am EST Canada retail sales street 0.6% vs previous (0.1%) 8:30 am EST Canada retail ex auto street 0.5% vs previous 0.0% 10:00 am EST US existing home sales street 5.44M 10:00 am EST US Richmond Fed street 0 vs previous (4) CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.