It's All About This Chart
Once again, the major stock indexes are declining as the U.S. Dollar Index futures(DXY) soar higher today. This morning, the DXY is trading higher by $1.15 to $79.01 per contract. The only way that this stock market bounces or rallies higher off the morning lows is if the DXY pulls back or declines intra-day. Over the past ten years the only way the DXY has been the tool or vehicle used to inflate this stock market higher.
Last night and this morning, all of the global markets have come under major selling pressure. Stocks and ETF's such as Southern Copper Corp (NYSE:SCCO), Oil Services Holders Trust (NYSE:OIH), AK Steel Holding Corp (NYSE:AKS) and Chevron Corp (NYSE:CVX) are just a few leading stocks that will trade inverse to the U.S. Dollar Index. Simply put, when the DXY dips the markets will flip. If the U.S. Dollar Index rallies higher again these markets will be sold throughout the day. Right now, it is all about the U.S. Dollar Index chart.