Yesterday, the major stock market indexes went wild to the upside. First, the Federal Reserve Bank kept the federal funds rate at zero percent for the foreseeable future. Second, J.P. Morgan Chase & Co (NYSE:JPM) lead the charge after increasing its dividend. This perfect elixir caused 200 point rally in the Dow Jones Industrial Average (DJIA). This morning, the major stock indexes look to be pausing ahead of the opening bell. The S&P 500 Index e-mini futures (ES-H2) are trading lower by just 0.25 points to 1396.00 per contract. All of the European markets are trading higher as well today.
Last night, most of the Asian markets traded higher, however, the most important markets in the region finished lower. The Shanghai Index (China) closed lower by 2.63 percent. This tells us that we must watch the Chinese ADR's very closely today as these stocks could come under selling pressure. If the Chinese market slows down this will be very problematic for the global economy. Traders should keep a close eye on the iShares FTSE/Xinhua China 25 Index ETF (NYSEARCA:FXI), ProShares UltraSh FTSE/Xinhua China 25 (NYSEARCA:FXP), Baidu.com, Inc (NASDAQ:BIDU), and China Mobile Ltd. ADR (NYSE:CHL) as these equities will likely be in play.
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Markets Gone Wild!
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