Since the weekly initial claims number was released at 8:30 am EST this morning, the U.S. Dollar Index(DXY) has declined lower. When the U.S. Dollar Index declines the major stock market indexes will inflate and trade higher. It now seems that computer programs are trading directly inverse to every move in the U.S. Dollar Index. Look at the chart below, you can easily see how the S&P 500 e-mini(ES M1) contract trades higher on any U.S. Dollar Index pullback.
Traders should watch for moves higher in the leading commodity and energy stocks if the U.S. Dollar Index pulls back intra-day. Some stocks that have a tendency to react quickly from moves in the U.S. Dollar Index include Freeport McMoran Copper & Gold Inc.(NYSE:FCX), Cliffs Natural Resources Inc.(NYSE:CLF), and United States Steel Corp.(NYSE:X). Remember, traders can look for these names to trade inverse to the U.S. Dollar Index.
Nicholas santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
