This morning, the S&P 500 Index e-mini futures (ES-U2) are trading lower by 3.00 points to 1404.25 per contract. The big news today is coming out of the Jackson Hole, Wyoming as the European Central Bank leader Mario Draghi cancels his trip to the economic symposium. Draghi was originally scheduled to speak on Saturday at Jackson Hole.
Oh well, Super Mario cited a busy workload as the reason for not appearing in Jackson Hole, Wyoming with Ben Bernanke. Earlier today, Spain auctioned off €4 billion ($5.01 billion) in short-term debt. While this auction looks to have been successful the yield on the important 10 year note inched higher by 4 basis points to 6.40 percent. Remember, the magic number that sends markets into turmoil is around the 7.0 percent level.
Traders should continue to follow all of the leading European equities very closely. Leading European equities such as Deutsche Bank AG (NYSE:DB), Credit Suisse Group AG (ADR) (NYSE:CS), Banco Santander, S.A. (ADR) (NYSE:SAN), and the ishares MSCI Europe Fincls Sctr Index Fund (NASDAQ:EUFN) could all be volatile today. Traders should continue to watch the U.S. Dollar Index very closely. The major stock indexes around the world continue to trade inverse to the U.S. Dollar.
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Super Mario Bails On Jackson Hole
Published 08/28/2012, 01:06 AM
Updated 07/09/2023, 06:31 AM
Super Mario Bails On Jackson Hole
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