Here's a super-quick guide to what traders are talking about right now

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what’s happening in markets at the start of Thanksgiving week:

• US stock futures are rallying with European and Asian markets. Crude oil is up 2% to $47.27 per barrel after Russian President Vladimir Putin said that a production-freeze agreement with other OPEC members «is not an issue for us.»
• Other commodities are having a strong day. Natural gas is up as parts of the East Coast experience either their first snowfall or freezing weather, increasing demand for heating. Copper is up 2% amid talk of higher Chinese imports, while gold and silver are rebounding from their post-election sell-off. 

Here’s Lutz:

Good Morning! US Futures kicking off Thanksgiving week to the upside, with Spoos and Nasdaq up 25bp and Russell adding to its longest winning streak since 2003. Mostly Green in Europe, with the DAX climbing 40bp as energy and mining lead to upside, Fins remain bid, while Healthcare weaker. Angst about the Italy referendum has Italy the sole market in the red in Europe, while the FTSE is climbing 40bp on a sharp rebound in the Miners. Volumes are abysmal, with most exchanges trading 20-30% light to recent averages. Quiet overnight in Asia, Nikkei closed 80bp higher – Aussie lost 20bp – KOSPI dropped 40bp amid political turmoil in South Korea, while India continues to get smoked on Modi’s «Black money» crackdown. 

The US 10YY is retreating from 2.35% early, despite selling continuing in Germany pressing Bund Yields slightly higher. The DXY is finally retreating a bit – Euro shrugging off the French Primaries and bouncing for 1st time in 11 days as Eurozone inflation expectations climb to 11-month high, while that A$ hits 4month lows. Commodities acting very well early, Ore gained small in China, but Copper up 2% on chatter of increased Chinese imports. Gold and Silver rebounding early from the post-election whack. In energy, OPEC Chatter has WTI up 2% early into Expiry, and a Damn Gold start to Turkey Week in Annapolis has Natty gas jumping nearly 3%. Ags are bid across the board. 

Ahead of us today, Fed’s Fischer Speaks in New York at 8 – At 8:30 we get Chicago Fed Nat Activity Index, just before the 9am release of China’s Leading Index. 9:50 brings the Bank of England Bond-Buying Operation Results, then all eyes on Strasbourg at 11 where ECB’s Draghi Speaks at the European Parliament. Brazil’s Trade Balance hits at 12, U.S. to Sell 2-Year Notes at 1 – and at 2:30 the spot WTI Contracts Roll with the close of NYMEX trading.