The DXY Futures Turn Into Scrambled Eggs
The U.S. Dollar Index futures(DX) are trading all over the map this afternoon. Traders should take note how almost every stock and commodity inflated higher when the DXY sold off. The opposite is true when the DXY bounces or rallies higher, the major stocks and commodities decline. Essentially, every trade intra-day is a U.S. Dollar Index trade.
Leading stocks such as Exxon Mobil Corp.(NYSE:XOM), Chevron Corp.(NYSECVX), and Schlumberger Limited (NYSE:SLB) have all staged sharp reversals higher when the DXY declined. It is important to remember that many of the leading energy stocks have sold off sharply over the past week as the U.S. Dollar rallied higher. The DXY chart is the most important chart in the market right now.