The Morning Hammer: Another Record High

The SPX finally squeezed through to make a post-election all-time high yesterday to catch up with the Dow, Nasdaq, and Russell 2000.

And with futures in modestly positive territory, we very well could see another record at the open.

The VIX is now down to 12.43, and as I've said, it could drop under 12. Check out the chart below — it's getting down towards yearly lows.

Commodities are up in the early going, with crude oil posting modest gains and gold up 0.6%.

The volatile gold miners (GDX) are indicated up nearly 1%. Copper's also in good shape.

Nigeria expressed optimism about a possible OPEC deal announcement at the November 30 meeting.

But overall, it's hard to make heads and tails of everything because it's a holiday shortened weak.

Markets appear stretched technically but sentiment is only modestly bullish, which typically isn't a good recipe for excitement.

In fact, bears are probably still unwinding all the bearish bets they made ahead of the US Presidential election.

Speaking of politics, news reports indicate that the Trans-Pacific Partnership has almost no chance of working since President-elect Trump vowed to withdraw.

Trump said would look to make bilaterally negotiated trade deals, and end some restrictions on shale oil and coal production.

For now, things are looking pretty slow.

I've got close eyes on gold and the miners.

Gold's been destroyed since the election, but it's getting a strong bounce off $1200, which could mean a double bottom.

Biotech is indicated up pre-market. That's a good sign.  It ripped on the Trump victory, then stumbled a bit. If it makes a power move higher, that could signal continued momentum in the major indices.

Good luck out there!

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