CHICAGO, March 1, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "inthemoneystocks".
For more Voice of the People, visit http://at.zacks.com/?id=5851
Americans Just Lost More Buying Power
The U.S. Dollar Index has declined sharply again this morning. The U.S. Dollar Index is trading lower by 0.47 cents to $76.79. This is the lowest the U.S. Dollar Index has traded since November 4, 2010 when the index traded as low as $76.17.
On January 10, 2011 the U.S. Dollar Index was trading as high as $81.63; however, since that time the U.S. Dollar Index has declined lower by $4.80 to trade at this morning's low. The next major support level will be around the $76.00 level which is the double bottom area from November 2010.
Retirees and people on fixed incomes are being directly affected from the weak U.S. Dollar Index. When the U.S. Dollar Index trades lower most of the major stock and commodity indexes will inflate higher. Remember, most every commodity is traded in U.S. Dollars, therefore, commodities and dollars usually trade inverse to each other.
Many traders and investors have bought hard and soft commodities to try and defend against a weak U.S. Dollar Index. This morning the PowerShares DB US Dollar Index Bullish (NYSE: UUP) is trading lower by 0.11 cents to $22.07 a share. Most leading commodity stocks are trading higher this morning. Stocks such as U.S. Steel Corp. (NYSE: X) and AK Steel Holdings Corp. (NYSE: AKS) are both trading higher off of the weaker U.S. Dollar Index.
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
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3:1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit From the Pros by going to http://at.zacks.com/?id=5958.
Follow us on Twitter: http://twitter.com/ZacksResearch
Join us on Facebook: http://www.facebook.com/ZacksInvestmentResearch
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
SOURCE Zacks Investment Research, Inc.