This morning, the S&P 500 Index e-mini futures (ES-U3) are trading lower by 5.50 points to 1601.75 per contract before the opening bell. Traders and investors are watching the problems emerge in the Euro-zone. Yesterday, the Portuguese finance minister resigned and bond yields continue to soar over 8.0 percent on the Portuguese 10-year note. Higher bond yields were the spark that kicked off the last major European stock sell off. Greece continues to be a mess, but there is very little media coverage about that. Traders should again watch for weakness in most of the leading European financial stocks. Traders that want to track the European financial stocks can follow the Ishares MSCI Europe Financials Sector Index Fund (EUFN).
Crude is also surging higher today as the problems in Egypt continue to grow. Light crude oil futures for August are now trading above $101.00 a barrel. The last time oil traded at these levels was in May 2012. Light sweet crude should have some daily chart resistance around the $102.50 level. Some oil equities that could be strong today include United States Oil Fund LP (ETF) (USO), iPath S&P GSCI Crude Oil Total Return (OIL), and the ProShares Ultra DJ-UBS Crude Oil (UCO).
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Early Fireworks Go Off As European Problems Emerge
Published 07/03/2013, 01:01 PM
Updated 07/09/2023, 06:31 AM
Early Fireworks Go Off As European Problems Emerge
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