For Immediate Release
Chicago, IL – 04/10/2012 – Zacks highlights commentary from People and Picks Trader “inthemoneystocks”.
For more Voice of the People, visit http://at.zacks.com/?id=5851
The Greenback Effect
Every trader and investor in the world should be following the U.S. Dollar Index futures (DX-M2) once the major stock indexes open for trading in the United States. Often when the U.S. Dollar Index starts to decline and trade lower the major stock and commodity indexes will inflate and trade off of the lows. This morning, all of the major stock indexes are selling sharply lower in a broad based decline.
In the past, the one way that the markets have shaved the intra-day loss has been to sell off the dollar. Today, the U.S. Dollar Index futures have dropped once the opening bell rang at 9:30 am EST. Can the U.S. Dollar Index decline enough today in order save these markets from a major sell off? The U.S. Dollar Index futures will have short term intra-day support around the $79.76 area.
Some of the leading stocks that will usually trade inverse to the U.S. Dollar Index futures include Freeport McMoRan Copper & Gold Inc (FCX), BHP Billiton Ltd (BHP), Rio Tinto plc (RIO) and iPath Dow Jones-UBS Copper Subindex Total Return ETN (JJC). Traders should and must remember, if the U.S. Dollar Index starts to catch a bid higher these stocks are likely to come under further selling pressure throughout the day.
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