If you look at a chart of the U.S. Dollar Index futures (DX Z1) this morning you will see the sharp decline. If traders simply flip this chart upside down you will notice that the chart will resemble the S&P 500 Index today. When the dollar dips the markets flip. Traders should watch for some short term intra-day support on the U.S. Dollar Index futures around the $77.25 area. The U.S. Dollar Index chart is probably one of the most important charts that a trader could follow as the entire stock market is trading inverse to it.
Some stocks that are inflating higher this morning include ConocoPhillips (NYSE:COP), Joy Global Inc (NASDAQ:JOYG), BHP Billiton Ltd (NYSE:BHP), and Chevron Corp (NYSE:CVX). Traders should remember while today is not expected to be a negative trading session these stocks will pullback on any U.S. Dollar Index bounce.