This morning, the S&P 500 Index e-mini futures (ES-U2) are trading higher by 5.00 points to 1323.25 per contract. Often after a sharp decline (similar to yesterday) the major stock indexes will pause or trade slightly higher the next day. This is a Friday and we shall see who will want to hold long positions into the weekend. The one thing that is important to note is that there is very little fear in this market. After all, the Volatility Index (VIX) is now around the 20.00 level. Usually markets will find a significant low when the VIX spikes higher, however, that has not yet happened.
Earlier today, business confidence in Germany declined in the month of June. Italian consumer confidence also declined to a record low and this could be a sign of things to come. Either way the European markets are mixed today without any major declines occurring yet. Many traders and investors are expecting the European Central Bank (ECB) to pull another rabbit out of their hat to save the day.
All of the leading bank stocks are trading higher today after a Moody's downgrade of 15 major banks was not as bad as expected. Honestly yesterday's decline had the Moody's bank downgrade factored in already. Some leading equities that could be in play today include ProShares UltraShort Euro (ETF)(NYSEARCA:EUO), Banco Santander, S.A. (ADR) (NYSE:SAN), National Bank of Greece (ADR)(NYSE:NBG), and Lloyds Banking Group PLC (ADR) (NYSE:LYG).
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Where Do We Go From Here?
Published 06/24/2012, 01:11 AM
Updated 07/09/2023, 06:31 AM
Where Do We Go From Here?
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