The Market On Thursday

  Good morning. It is 55 degrees and sunny here in the Upper Hudson Valley, the forecast predicts a partly cloudy day with temperatures in the 70s this afternoon. According to Five Thirty Eight's Nate Silver preliminary reports indicate that Clinton may have gotten a post debate bump. I posted the link early this morning below. She is deserving. Trump is awful, let's face it, this man is the worst thing. But if for some reason the American people in their great wisdom vote him into office, I will be changing my career. At that point I will be writing for every possible website and publication I can. Everybody has got to do something in the event he wins. We can't let that narcissistic megalomaniac wreck the country even worse. Maybe we can get a succession movement started for New York.

  At 9:00 a.m. ET futures are modestly lower and the price of oil per barrel is down now trading around $47. The market is poised to open lower.

  Lo and behold OPEC agreed to cut production at an meeting in Algeria on Wednesday. Immediately following the news, oil prices rose about $1.50 per barrel. This morning oil prices are slightly retreating because investors think OPEC can't deliver on the deal. Now they want to see evidence and not just emotion. Emotion caused oil prices to rise on Wednesday, today it's about the tangible goods. My own guess is that oil will possibly remain more stable in the $45 to $50 range and if results do in fact come in and the global oil glut lessens, then maybe, and only maybe will it break above $50 per barrel. For the time being though, I also guess/speculate that gas prices might rise by a fraction. We shall see.

CNN: OPEC cut lifts markets; Yellen speaks; Stumpf testifies by Ivana Kottasova

Crude prices jumped more than 5% overnight to just over $47 per barrel after OPEC countries finally struck a preliminary agreement to cut oil production.