The S&P 500 e-mini futures(ES M1) are trading lower this morning by 4.00 points to 1330.00 per contract. The decline in the futures comes as the Asian markets all declined sharply lower last night. Often, when the Asian markets sell off this will usually put pressure on the leading commodity stocks at the start of the trading session in the United States. Traders must still keep an eye on the U.S. Dollar Index chart very closely. Should the U.S. Dollar Index decline enough throughout the trading session this will usually help to inflate many of the leading commodity stocks. Essentially, every trade is a U.S. Dollar trade at this time.
Yesterday, the chief of the International Monetary Fund(IMF), Dominique Strauss-Kahn, was arrested on suspected rape charges in New York City. I'm not sure how this will effect the stock markets this morning. Recently, the IMF has played a key role in some of the European bailouts. Greece has been a direct recipient of funds from the IMF. We shall see how this organization will be effected by the charges.
9 years ago
