This morning, the S&P 500 Index e-mini futures (ES-M2) are trading lower by 5.75 points to 1321.00 per contract. Earlier today, Italy auctioned off 6.5 billion euros of 1-year bills, the yields surged to a six month high of 3.97 percent. The problems in the European Union don't stop there, it is reported that many Greeks are withdrawing money out of the banks ahead of the important Greek vote this weekend.
Traders should continue to follow the U.S. Dollar Index closely. The major stock indexes in Europe and the United States continue to trade inversely to the U.S. Dollar Index. Traders that do not have a chart of the U.S. Dollar Index futures (DX-M2) can follow the PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) after the opening bell rings at the New York Stock Exchange.
Last night, the Asian stock markets were mostly higher. The important Shanghai Index (China) was the big winner finishing positive by 1.27 percent. This tells us that the Chinese ADR's could be strong if the U.S. markets can a rally. Leading Chinese equities such as Baidu.com Inc (ADR)(NASDAQ:BIDU), SINA Corporation (NASDAQ:SINA), and the iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA:FXI) could be in play.
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Whipsaw Wednesday Is Underway
Published 06/13/2012, 10:08 AM
Updated 07/09/2023, 06:31 AM
Whipsaw Wednesday Is Underway
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