Thursday morning, the S&P 500 Index e-mini futures (ES-U2) are trading lower by 5.75 points to 1453.75 per contract. The decline in the stock futures comes as the European markets pullback. The major European stock markets are very overbought since the ECB bond buying program was announced in July.
Money printing stock rallies can only last so long. Remember, nothing goes up or down in a straight line. This is also options expiration week, which tells us that there will usually be a lot of game playing by the market moving institutions.
Last night, all of the major Asian stock indexes declined sharply lower, The important and highly followed Shanghai Index (China) led the decline by falling 2.07 percent. This is a fresh new 52 week low for the highly followed index. Traders should watch for weakness in many of the Chinese ADR's today, especially if the U.S. markets are weak.
Leading Chinese ADR's such as Baidu.com, Inc. (ADR) (NASDAQ:BIDU), SINA Corp (NASDAQ:SINA), Sohu.com Inc (NASDAQ:SOHU), and the iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA:FXI) could all be volatile today. NASDAQ:BIDU, NASDAQ:SINA, NASDAQ:SOHU, NYSEARCA:FXI
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Europe, China, And The U.S. Dollar Will Make For A Volatile Thursday
Published 09/20/2012, 01:50 AM
Updated 07/09/2023, 06:31 AM
Europe, China, And The U.S. Dollar Will Make For A Volatile Thursday
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