The DXY Futures Turn Into Scrambled Eggs
The U.S. Dollar Index futures(DX) are trading all over the map this afternoon. Traders should take note how almost every stock and commodity inflated higher when the DXY sold off. The opposite is true when the DXY bounces or rallies higher, the major stocks and commodities decline. Essentially, every trade intra-day is a U.S. Dollar Index trade.
Leading stocks such as Exxon Mobil Corp.(NYSE:XOM), Chevron Corp.(NYSECVX), and Schlumberger Limited (NYSE:SLB) have all staged sharp reversals higher when the DXY declined. It is important to remember that many of the leading energy stocks have sold off sharply over the past week as the U.S. Dollar rallied higher. The DXY chart is the most important chart in the market right now.
Nicholas Santiago
InTheMoneyStocks.com
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.