This morning, the S&P 500 Index e-mini futures (ES-M2) are declining lower by 12.00 points to 1338.00 per contract. It is important to note that the major European stock indexes are also trading sharply lower today after bond auctions in Spain, and Italy. Greece is still trying to form some type of government as the controlling political parties continue to be in disarray. All traders should note that the U.S. Dollar Index futures (DX-M2) are trading higher by 0.38 cents to $80.78 per contract. When the U.S. Dollar Index rallies higher the major stock indexes around the world will deflate and trade lower. This coming Friday will be options expiration, therefore, this trading week will be filled with rumors and volatility.
Oil, gold, silver, copper, and most industrial metal stocks will be very weak when the U.S. Dollar Index is strong. Today, traders can easily see early weakness in the equities such as the United States Oil Fund LP (ETF) (NYSEARCA:USO), SPDR Gold Trust (ETF) (NYSEARCA:GLD), ProShares Ultra Silver (ETF) (NYSEARCA:AGQ), and BHP Billiton Limited (ADR) (NYSE:BHP). All of these equities are likely to inflate and catch a bid higher if the U.S. Dollar Index declines or pulls back throughout the trading session.
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Markets Get Monday Morning Spanking
Published 05/14/2012, 09:16 AM
Updated 07/09/2023, 06:31 AM
Markets Get Monday Morning Spanking
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