Monday morning, the S&P 500 Index e-mini futures (ES-Z2) traded higher by 6.50 points to $1421.00 per contract. The early rally in the stock futures comes after German Chancellor Angela Merkel said that there could be some debt forgiveness in the picture for Greece. We can only wonder if she will say that about Portugal, Ireland, Spain, and Italy. In any case, the European markets all traded higher on the news. Here in the United States, the U.S. Treasury Secretary Tim Geithner proposed a plan to Republicans regarding the fiscal cliff. Apparently, the Speaker of the House, John Boehner, responded to Secretary Geithner by saying, "are you serious?" This should tell the world that both sides are still far apart on a compromise at this time.
In any case, the stock markets only seemed to care about the U.S. Dollar Index futures. As long as the U.S. Dollar Index declines the major stock indexes in Europe and the United States will generally inflate and trade higher. That was certainly the case Monday morning. Traders should watch equities such as ProShares Ultra Silver (ETF) (AGQ), iShares Gold Trust (ETF) (IAU), iPath S&P GSCI Crude Oil Total Return (OIL), and other commodity related vehicles to trade higher when the U.S. Dollar Index declines. Should the U.S. Dollar Index start to catch a bid or trade higher on the session these same equities will likely decline and pull back. Traders can track the U.S. Dollar Index by following the PowerShares DB US Dollar Index Bullish (UUP).
Below you may find the video.
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Monday Market Madness, Focused On US Dollar Index Futures
Published 12/04/2012, 12:10 AM
Updated 07/09/2023, 06:31 AM
Monday Market Madness, Focused On US Dollar Index Futures
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