This morning, the S&P 500 Index e-mini futures are trading higher by 7.25 points to 1282.25 per contract. Earlier today, the S&P 500 Index e-mini futures were trading as high as 15.00 points as the European Central Bank held its key interest rate at 1.0 percent. Traders are now listening to the comments from Mario Draghi for clues to a European bailout strategy. If you want to cut through the news from Europe you should simply follow the action in the U.S. Dollar Index. The major stock markets continue to trade inverse to the U.S. Dollar Index at this time. Traders should continue to expect the market to remain volatile. Some equities that will likely be active today include the ProShares UltraShort Euro (ETF) (NYSEARCA:EUO), CurrencyShares Euro Trust (NYSEARCA:FXE), iShares MSCI Spain Index (ETF) (NYSEARCA:EWP), and the iShares MSCI Germany Index Fund (ETF) (NYSEARCA:EWG).
Last night, most of the leading Asian stock market indexes rallied higher. The big winner last night in Asia was the Sensex Index (India) which finished positive by 2.71 percent. This tells us that the Indian ADR's could be strong today as long as the U.S. markets hold up. Traders should watch leading Indian ADR's such as Tata Motors Limited (ADR) (NYSE:TTM), and Infosys Ltd ADR (NASDAQ:INFY) to be strong at the start of the trading session.
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Markets Rally Early On Hope Of Central Bank Miracle
Published 06/06/2012, 09:05 AM
Updated 07/09/2023, 06:31 AM
Markets Rally Early On Hope Of Central Bank Miracle
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