Zacks highlights commentary from People and Picks Member «inthemoneystocks».
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When the Dollar Pops the Markets Drop
All traders should now be watching the U.S. Dollar Index very closely. This morning, as soon as the U.S. Dollar Index futures (DX U1) caught a bid and started to trade higher the major stock indexes began to sell off. Right now, the markets are trading inverse to the U.S. Dollar Index, especially after the opening bell rings at the New York Stock Exchange.
Traders should remember that this is also Wednesday before options expiration which is generally very volatile and turbulent. Traders should expect the unexpected in the major stock indexes and in the U.S. Dollar Index.
The leading stock sectors that will generally trade inverse to the U.S. Dollar Index will be the commodities and energy sectors. Therefore, traders could watch stocks such as Chevron Corp. (CVX), Cliffs Natural Resources Inc. (CLF) and Freeport McMoRan Inc. (FCX) to trade inverse to the U.S. Dollar Index.
Nicholas Santiago
InTheMoneyStocks.com
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