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April 20, 2011 – Comments (0)

All of the major stock index futures are soaring higher this morning. The popular and highly traded S&P 500 e-mini futures(ES M1) are trading higher by 18.00 points to 1326.75 per contract. This is a huge move higher before the opening bell at the New York Stock Exchange. The catalyst for the rally this morning looks to be a combination of the declining U.S. Dollar Index and good corporate earnings reports from numerous companies. The U.S. Dollar Index is trading lower by 0.67 cents to $74.36 and this is a new multi-month low. When the U.S. Dollar Index declines the stock market will usually inflate higher. The U.S. Dollar Index has now declined lower by over 16.0 percent since June 7, 2010. Traders are now wondering how low the U.S. Dollar Index can fall before the stock market participants sees it as a problem, however, this morning the markets are in jubilee mode.

WTI oil is trading higher this morning as there seems to be continued problems in the Middle East and Northern Africa. As we mention every morning, do not expect these problems to disappear any time soon. Problems in Nigeria are starting to erupt. This country will usually have issues every so often just so they can stay in the news it seems, however, they are an oil producer and that is why the market pays attention to them. If they did not have oil we probably would not hear about any of the problems there. WTI crude is trading higher by $1.39 to 109.67 a barrel. It is still amazing that the major market indexes seems to trade higher with oil.

Gold and silver continue to rally higher as the U.S. Dollar sinks to new lows for the year. Gold is now trading over the $1500.00 level. Silver which is considered the poor man's gold is trading higher by $45.00 an ounce. Precious metals continue to rally as long as central banks continue to print money to inflate asset prices.

Some stocks that are trading higher after reporting earnings are Intel Corp.(NASDAQ:INTC), United Technologies Corp.(NYSE:UTX), and VMWare Inc.(NYSE:VMW).

International Business Machines(NYSE:IBM), and Wells Fargo & Co.(NYSE:WFC) are two leading stocks that are trading lower this morning after reporting earnings.


Nicholas Santiago
InTheMoneyStocks.com


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