Crude Oil Hits 4 Yr. High

SPECIAL NOTE: I will explain the current intermarket relationships and the impact to today’s trading session. 

WORLD HEADLINES – Oil prices jumped more than 2 percent to a four-year high on Monday after OPEC declined to announce an immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.

STOCKS – Hong Kong stocks tumbled on Monday, as trade tensions returned at the start of the week for Asia, which was dulled by the closure of several markets for holidays.  US stocks were setting up for a weaker session, with Dow futures off 30 points and S&P 500 futures fell 3.7 points.

BONDS – The yield on 10-year Treasuries was steady, as prices traded sideways, within Friday’s range.

COMMODITIES – Benchmark Brent crude hit its highest since November 2014, up  2.7 percent, US light crude was $1.25 higher at $72.03.

CURRENCIES – The greenback edged higher on Monday, snapping a two-week losing streak, as investors bought the greenback before a widely expected interest rate hike by the U.S. central bank this week while trade war concerns checked investor appetite for risk.

ECONOMIC DATA – ECB President Draghi Speaks at 9:00 ET.

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