November 27, 2017, 4:30 pm EST

U.S. stocks printed new record highs again today, as numbers come in for the Black Friday period, which carries through Cyber Monday.

The National Retail Federation has projected about 4% growth in the number from last year, which is better than the past two years, but a bit softer than 2014, 2011 and 2010.

But it’s a safe bet we’ll see better than expected numbers before the shopping season is over. If we take the Atlanta Fed’s GDP forecast for the fourth quarter (which admittedly changes like the wind), we’re on pace to have the second hottest growth for the year, since the Great Recession. And, of course, consumers are in as healthy a position as they’ve been in a long time—housing prices are nearing pre–crisis levels, household net worth is on record highs, consumer credit is on record highs, but so is consumer credit worthiness.

Add to that: The stock market is at record highs. The unemployment rate is 4.1%. Inflation is low. Gas is cheap ($2.38), and stable. Mortgage rates are under 4%, and stable. And you can borrow money for five years at 2% to buy a car.

And then there’s the confidence the economy is improving and that a raise is coming (through tax cuts and a corporate tax cut which should ultimately drive wages higher). Here’s a look at the Conference Board’s Consumer Confidence Index—at 17–year highs…

Later in the week we’ll hear from OPEC on their plans to extend their production cuts to keep the upward pressure on oil prices. We’ve talked about the case for an explosive move higher in oil prices, given the impact the oil price crash of last year has had on supply. Meanwhile demand has picked up, and OPEC has been cutting production into this scenario. As we sit about 20% higher in oil prices since OPEC announced its first production cut in eight years (last November), there are now some building voices for much higher oil prices as we head into this week’s meeting.