THURSDAY 12/1/16; Global PMI’s; Oil Rally Continues; WTIC Oil Above 51; Brent Above 54; DG; EXPR; KR; SHLD; Challenger Job-Cut Report; ISM Mfg Index; INDU (Dow Industrials) New All-Time Closing High; AMBA; FIVE; SWHC; ULTA; WDAY; ZUMZ

Today is the first trading day in December. The major stock indexes start the new month at or near the following record intraday and closing highs, respectively. SPX (S&P 500) 2214.10 on 11/30/16 and 2213.35 on 11/25/16. INDU (Dow Jones Industrials) 19225.29 on 11/30/16 and 19152.14 on 11/25/16. COMPQ (Nasdaq Composite) 5403.86 on 11/30/16 and 5398.92 on 11/25/16. RUT (Russell 2000) 1347.20 for both the all-time intraday and closing high on 11/25/16. NDX (Nasdaq 100) 4911.76 on 10/25/16 and 4909.97 on 10/24/16. NYA (NYSE Composite) 10903.86 on 9/8/16 and 10890.79 on 9/6/16.

[Text is redacted. Purchase the 2016-12 chronology to enjoy December's economic and market history.]

If Italy’s referendum vote ends in turmoil to begin next week’s trade, ECB President Draghi will likely step in by Thursday or sooner to save the day. At least, that is what traders are conditioned to think. Tonight is the eve before the epic two weeks of market drama begins. Take a deep breath.