Investing.com - Financial Markets Worldwide

Just Another Manic Monday

Published 03/04/2013, 05:11 PM
Updated 07/09/2023, 06:31 AM

This morning, the S&P 500 Index e-mini futures (ES-H3) are trading lower by 2.00 points to $1514.50 per contract. It seems that the major stock indexes are holding steady ahead of the opening bell. The major stock index futures were lower overnight, however, they have traded off of the overnight lows as the U.S. Dollar Index pulled back. When the U.S. Dollar Index futures (DX-H3) rallys or trades higher it is a sure sign that investors are looking for a safe haven currency. In other words, they usually are not looking to hold onto the Euro, or other foreign paper. All traders must keep a close eye on the U.S. Dollar Index.

Last night, the leading Asian markets were mixed. The big loser in Asia was the important and highly followed Shanghai Index (China) which plunged lower by 3.67 percent. This decline in the Shanghai Index tells us that the Chinese ADR's and ETF's are vulnerable to declines if the U.S markets are weak. Some leading equities that could be under pressure include Baidu.com, Inc. (ADR) (BIDU), SINA Corp (SINA), iShares FTSE/Xinhua China 25 Index (ETF) (FXI), and the Market Vectors ETF Trust (PEK).

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