Tale Of The Buck
This morning the U.S. Dollar Index has continued to rally throughout the morning. As many of our readers know when the U.S. Dollar Index trades higher the stock market indexes will often deflate and trade lower. When the U.S. Dollar Index declines the major stock market indexes will often inflate and trade higher. This morning the S&P 500 e-mini futures are trading higher by 3.00 points ahead of the opening bell at the New York Stock Exchange. However, the S&P 500 e-mini futures were much higher before the before the U.S. Dollar Index caught a bid sharply higher from it's morning low.
Today President Obama will host a town hall style meeting that will be televised. Therefore, the markets will often hold up as the leader of the free world speaks. However, it is the action in the U.S. Dollar Index that will drive the stock markets.