This morning, the S&P 500 Index e-mini futures (ES-M2) are declining lower by 6.00 points to 1394.25 per contract. The catalyst for the the early decline in the futures is a weaker Asian market and more problems out of the European Union. The Spanish people are holding a nation wide strike today in protest of the government's austerity measures. Traders should keep a close eye on Spanish bond yields which are starting to tick higher. Yesterday, the credit rating agency Moody's downgraded five Portuguese lenders. Many investors are now expecting Portugal and Ireland to need a second bailout soon. The iShares MSCI Italy Index (ETF) (NYSEARCA:EWI), iShares MSCI Spain Index (ETF) (NYSEARCA:EWP), and the iShares MSCI Germany Index Fund (ETF) (NYSEARCA:EWG) will all be in play today.
Last night, the leading Asian markets were all mostly lower. The important and highly followed Shanghai Index (China) finished lower by 1.43 percent. Traders and investor should watch for weakness in the Chinese ADR's if the U.S. markets are weak. On the flip side, if the U.S. markets are strong again the Chinese ADR's are likely to hold up. The iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA:FXI), and the ProShares UltraSh FTSE/Xinhua China 25 (NYSEARCA:FXP) could also be in play today.
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The Bernanke Bounce Gets Shaky
Published 03/29/2012, 11:07 AM
Updated 07/09/2023, 06:31 AM
The Bernanke Bounce Gets Shaky
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