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Can Draghi Save the Day?

ByNicholas Santiago
Published 08/02/2012, 09:52 AM
This morning, the S&P 500 Index e-mini futures (ES-U2) are trading higher by 5.50 points to 1376.00 per contract. Every trader and investor is waiting for the details released by the European Union President Mario Draghi on how he is going to save the European Union. Traders should simply watch the U.S. Dollar Index very closely as that will dictate the move in the stock market. Remember, the major stock indexes around the world will usually trade inverse to the U.S. Dollar Index. Earlier today, the European Central Bank, and the Bank of England both kept their key interest rates unchanged.

Traders should expect all of the leading European equities to be very volatile today. Some leading European equities that could be in play today include ProShares UltraShort MSCI Europe ETF(NYSEARCA:EPV), Banco Santander, S.A. (ADR) (NYSE:SAN), National Bank of Greece (ADR) (NYSE:NBG), and the Bank of Ireland (ADR) (NYSE:IRE). This trading session could certainly be pivotal for the major stock indexes.
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