The consolidation of market gains continues, but the momentum is happening in the one index that has trailed all the others. The Russell 2000 Index has broken out to new highs and appears to be picking up steam. 

The index is up 12% for 2017, less than half the gains of the NASDAQ that also closed at a new all-time high.

• NASDAQ Composite (+27.6%) 
• Dow Jones Industrial Average (+19.1%)
• S&P 500 +16.0% Russell 2000 (+11.9%)

The move in the Russell 2000 Index is a great sign the market believes more that tax cuts are coming, and perhaps other key parts of the Trump economic agenda.

The economy is on the move, and the stock market is on the move because America is on the move. 

Today’s Session

All eyes on brick and mortar retailers on Black Friday but the focus should be on the consumer in general because this should be a huge shopping season.   On that note this holiday season will sever as a gauge for those old retail names that are figuring it out which is good for investors because there is a lot of value in some brick and mortar names.

I’m also watching crude inch closer to that magical $60.00 mark.  There is enormous value in oil names especially those with exposure to the Permian basin.

Enjoy the Black Friday there will be no afternoon market commentary.