This morning, the S&P 500 Index e-mini futures (ES-M2) are trading higher by 1.25 points to 1407.75 per contract. Traders and investors are once again shrugging off bad economic news out of Europe and Asia. It will be very important to keep an eye on the U.S. Dollar Index (DX-M2) this morning as the market indexes continue to trade inverse to the dollar. Traders that do not have a chart of the U.S. Dollar Index futures can follow the PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) after the opening bell.
Last night, most of the leading Asian markets traded lower. The big loser last night was the important Shanghai Index (China) which finished lower by 2.65 percent. Should the U.S. markets show weakness it would be prudent to expect the leading Chinese ADR's to come under selling pressure. Some leading Chinese ADR's that could be volatile today include China Mobile Ltd. (ADR) (NYSE:CHL), Sohu.com Inc. (NASDAQ:SOHU), Youku Inc (ADR) (NYSE:YOKU), and SINA Corporation (USA)(NASDAQ:SINA).