CHICAGO, Sept. 13, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "inthemoneystocks".
For more Voice of the People, visit http://at.zacks.com/?id=5851
Do Not Stop Looking at This Chart
Traders must continue to watch a chart of the U.S. Dollar Index. This morning, the U.S. Dollar Index futures (DX U1) has pulled back a bit from its overnight high. This pullback in the DXY has helped the major stock market indexes to bounce a little off the morning lows.
When the DXY declines the major stock indexes will usually inflate and trade higher. Should the DXY rally higher throughout the trading session traders should expect the major stock indexes to see some more selling pressure as the markets continue to deflate.
Energy and commodity stocks are very sensitive to the action in the DXY, therefore, these stocks will usually trade inverse to the U.S. Dollar Index. Traders can watch leading stocks such as Exxon Mobil Corp. (NYSE: XOM), ConocoPhillips (NYSE: COP) and Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) to be under pressure on the back of a stronger U.S. Dollar Index. Should the U.S. Dollar Index decline or fade from the open these stocks are likely to bounce off the morning lows.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
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