This morning, the S&P 500 Index e-mini futures (ES-H3) are trading higher by 0.75 to $1467.75 per contract. Once again, the major stock indexes seem to be holding up fine before the opening bell. The catalyst for the buoyant stock market seems to be the weaker U.S. Dollar Index. As long as the U.S. Dollar Index continues to decline stocks in Europe and the United States seem to inflate and trade higher. Traders that do not have a chart of the U.S. Dollar Index can follow the PowerShares DB US Dollar Index Bullish (UUP).
Last night, the important Shanghai Index (China) tumbled lower by 1.78 percent. This leading stocks index has been very strong since early December 2012 so many of the Chinese ADR's are in overbought territory. So last night's action in china tells us that the Chinese ADR's could come under some selling pressure if the U.S. markets are weak. Leading China related equities such as Baidu.com, Inc (ADR) (BIDU), Market Vectors ETF Trust (PEK), and the iShares FTSE/Xinhua China 25 Index (ETF) (FXI) could susceptible to a pullback today.
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Flip Out Friday, Watch These Stocks
Published 01/11/2013, 11:04 AM
Updated 07/09/2023, 06:31 AM
Flip Out Friday, Watch These Stocks
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