This morning, the S&P 500 Index e-mini futures (ES-U2) are trading lower by 2.50 points to 1403.50 per contract. The truth of the matter is that the stock futures have been all over the map before the opening bell. They seem to be trading inversely to the U.S. Dollar Index futures (DX-U2). Earlier today, the U.S. Dollar Index futures was trading as high as $81.67 per contract, however the U.S. Dollar Index has rolled over and is now trading around the $81.14 level per contract. The bottom line, when the dollar dips the market flips higher.
Should the U.S. Dollar Index continue to decline traders should expect leading equities such as ProShares Ultra DJ-UBS Crude Oil (NYSEARCA:UCO), Deutsche Bank AG DB Gold Double Long ETN (NYSEARCA:DGP), ProShares Ultra Silver (ETF) (NYSEARCA:AGQ), and the United States Gasoline Fund LP (NYSEARCA:UGA) to inflate and trade higher. On the flip side, should the U.S. dollar begin to rally, these same commodities will likely come under selling pressure. It is still all about the greenback.
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It Is Still All About The Greenback
Published 09/05/2012, 12:38 PM
Updated 07/09/2023, 06:31 AM
It Is Still All About The Greenback
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