The U.S. Dollar Index futures(DX) are trading all over the map this afternoon. Traders should take note how almost every stock and commodity inflated higher when the DXY sold off. The opposite is true when the DXY bounces or rallies higher, the major stocks and commodities decline. Essentially, every trade intra-day is a U.S. Dollar Index trade.
Leading stocks such as Exxon Mobil Corp.(NYSE:XOM), Chevron Corp.(NYSECVX), and Schlumberger Limited (NYSE:SLB) have all staged sharp reversals higher when the DXY declined. It is important to remember that many of the leading energy stocks have sold off sharply over the past week as the U.S. Dollar rallied higher. The DXY chart is the most important chart in the market right now.
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
