Monday -- Argentina, Brazil, and Happy Thanksgiving

S&P E-mini Futures:
Down slightly, but hanging at highs.

News:
Today it's all about South America.

After 12 years of Cristina Kirchner’s leftist rule which has arguably driven Argentina into ruin, conservative Francesco Macri, who served two terms as mayor of Buenos Aires, will become only the third non-Peronist President of Argentina since the end of military rule more than three decades ago.

This, as Joe Biden might say, is a "big f***ing deal."

I hope things turn up for the people of Argentina.

Over the weekend, there was an article about nearby Brazil that just might mark a bottom of sorts.

Back in 2011, it was believed that "Brazil will benefit from China´s windfall and might even use China´s resources to shield from the world financial crisis."

Now, full circle, Brazil is believed to be toast.

Brazil's Disastrous Debt Dynamics Could "Create Contagion" For Emerging Markets, 

Barclays Warns

Predictably, Zero Hedge didn't hold back.

"Put simply: it’s a full on economic meltdown."

"So what's the takeaway besides the fact that Brazil is, for lack of a better word, screwed (because we already knew that)?"

It means the takeaway is that sentiment is so low that it might be time for Brazil to rally.

FX:
AUD under pressure. USD index got to 99.98 overnight.

Treasuries:
Still looking funky and headed toward inversion.

Energy:
WTI crude under pressure still. NG trying to rally.

Metals:
Still thinking gold wants to crack 1050. Silver down, and copper hammered lower another 2%.

S&P Outlook:
Friday didn't clear up the wave count as much as I had hoped. And with the holiday shortened week, it might not pay to play until the odds stack up better.

Would rather see the S&P around the 2000 area or above 2134.72. I doubt it will be solved this week.

So I'll be off for the week -- no blog posts or Stocktwits/Twitter. Heading back to New England to visit my family.

This is a time of giving thanks and feeling grateful, two things we should all focus on each day, not just when a holiday comes around. Still, it's my favorite holiday, and my family's favorite, too. So everyone gets geared up for it. Looking forward to it.

Thank you for visiting these pages each day. Have a Happy Thanksgiving, no matter where you are in the world.