Once again, the U.S. Dollar Index futures (DX H2) declined at 9:30am EST to help keep the major stock indexes from declining further. Nearly every trading day that the U.S. Dollar Index starts the day higher; then proceeds to fade once the stock market opens. Traders must remember, if the U.S. Dollar Index rallies higher throughout the trading day the major stock indexes will likely come under some selling pressure. The trading volume is extremely light today as the majority of market participants recover from a late night watching the Superbowl.

When the U.S. Dollar shows strength traders can watch for weakness in other leading currencies and commodities. The CurrencyShares Euro Trust (NYSEARCA:FXE) is trading lower this morning as the U.S. Dollar still remains positive.
Most leading commodity stocks are also trading slightly lower. Leading commodity stocks such as Freeport McMoRan Copper & Gold Inc (NYSE:FCX), Southern Copper Corp (NYSE:SCCO), and Teck Resources Ltd (NYSE:TCK) are trading lower to start the day.

Nicholas Santiago
InTheMoneyStocks.com


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Tags: FCX, FXE, SCCO, TCK, UDN

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