Intra-day Dollar Bounce Rattles Markets
Everyone in the world thought that the stock market would have been in party mode today after the announcement that Osama bin Laden was killed. Last night the S&P 500 e-mini futures soared higher when the news was made public. This morning the major stock indexes have struggled to stay positive, that is because the U.S. Dollar Index has rallied off its intra-day low. When the U.S. Dollar Index rallies higher the major stock indexes will trade lower and deflate. While the U.S. Dollar Index is still trading lower on the session by 0.03 cents to $72.95 it is sharply off of the low made around 11:00 am EST around $72.72. Short term traders must keep one eye on the U.S. Dollar Index chart at all times.