Over the weekend, remarks from OPEC officials indicate that they are likely to formally cut output at their next meeting in December. Concerns of no deal being achieved on Brexit are flaring back up, and Prime Minister May is feeling pressure on all sides. Reports are surfacing that satellite images of North Korea, indicate that the country’s nuclear threat has worsened since the Trump-Kim summit. This week’s economic calendar will be weighted towards the end of the week with CPI being released on Wednesday and Jobless Claims, Retail Sales, and Import/Export Prices coming out on Thursday. Earnings continue to roll on with Home Depot (HD) results coming out on Tuesday morning and Walmart (WMT) on Thursday morning. As of this writing, U.S. crude oil futures (/CL) are 1% higher near $60.85 per barrel and S&P 500 futures (/ES) are slightly lower near 2775.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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