This morning oil futures are declining lower by $1.27 to $100.93 a barrel. This decline in crude is the primary catalyst for the large move higher in the S&P 500 Index futures ahead of the opening bell at the New York Stock Exchange. The highly popular United States Oil Fund ETF(NYSE:USO) is trading lower this morning by 0.63 cents to $40.76 a share. Many investors are expecting Libyan President Qaddafi to step down soon as war crimes are being lobbied against him. Should oil spike higher again it would be prudent to expect today's rally in the stock index futures to sell off or pullback from the highs of the morning.
The European Central Bank(ECB) left their benchmark lending rate unchanged at 1.0 percent. The ECB hinted at raising rates during their next meeting, however, we will believe it when we see it. This morning the Euro currency is soaring higher on that news. The Currencyshares Euro Trust(NYSE:FXE) is trading higher by $1.09 to $139.18 a share. On the flip side the U.S. Dollar Index is declining again this morning by 0.24 cents to $76.43. The U.S. Dollar Index has declined by 14.0 percent since June 7, 2010. All of the European markets are trading higher by nearly 1.50 percent.
The Asian markets were slightly higher last night. The Shanghai Index(China) was the only major Asian index that was lower. Commodities stocks are likely to be in play this morning with the weaker U.S. Dollar Index.
Investors are expecting the government job number to be very strong tomorrow. This expectation comes after yesterday's preliminary ADP job report showed a gain in employment by over 200,000 jobs. Gold and silver have declined this morning on expectations of the tension easing in the Middle East. We shall see if that can actually happen.
Nicholas Santiago
InTheMoneyStocks.com
Pre-Market Movers and News
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