It Is Still A Dollar Story
As long as the U.S. Dollar Index is declining lower this morning the major stock market indexes should remain strong. The leading commodities that were all crushed lower yesterday could all bounce up a bit on the back of a U.S. Dollar Index pullback. Traders must keep one eye on the dollar at all times.
Some leading commodity stocks that could see bounces today should the U.S. Dollar Index pullback include Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), Cliffs Natural Resources Inc.(NYSE:CLF) and United States Steel Corp.(NYSE:X). Please remember that these stocks will usually trade inverse to the U.S. Dollar Index.