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Featured Post
The Chart That Says It All
This morning, all of the major stock indexes are coming under severe selling pressure. The volume on the decline is very heavy, signaling that institutional money wants out of this market right now. Leading stocks such as Apple Inc. (AAPL), J.P. Morgan Chase & Co. (JPM) and Exxon Mobil Corp. (XOM) are all trading sharply lower to start the day. In other words, the baby is being thrown out with the bath water.
The problems in the European Union is once again the catalyst for the stock market declines. Traders that do not want to follow the European news, which can change by the minute these days, can simply follow the U.S. Dollar Index.
Today, the U.S. Dollar Index futures (DX Z1) are trading higher by $1.27 to $78.03 per contract. As many of you may know by now, when the U.S. Dollar pops the stock market drops. The U.S. Dollar Index is certainly popping higher this morning. The U.S. Dollar Index futures will have some short term intra-day resistance around the $78.29 level.
When and if the U.S. Dollar Index pulls back that is when the major stock market indexes will likely see a bounce off of these morning lows. Should the U.S. Dollar Index continue to climb higher these stock market indexes will likely decline lower. The U.S. Dollar Index moves these markets and the news out of Europe and elsewhere is just the reason that you will hear from the media.
Nicholas Santiago
InTheMoneyStocks.com
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