Pre-Market Movers And News
This morning April oil is trading over $100.00 a barrel and that is front and center for the stock markets. The S&P 500 e-mini futures(ES H1) are trading lower by 5.25 points to 1300.25 before the opening bell at the New York Stock Exchange. S&P 500 Futures have now declined by 42.00 points in just three days. The catalyst for the market sell off is the continued tension and protests in the Middle East and Northern Africa. Libya is taking over where Egypt left off as a revolution looks to be occurring against Moammar Gadhafi. Oil is trading higher from this news and can spike higher if the situation worsens in the region and spreads into Saudi Arabia.
Weekly jobless claims declined by 22,000 to 391,000 new claims. This news is simply noise today as oil is front and center. Traders must keep an eye on oil and really nothing else. The U.S. Dollar Index has also declined over the past week and is testing the $77.00 support level. Rarely, have we seen the stock market and the U.S. Dollar Index both decline at the same time. Retirees and people on fixed incomes have just lost more of their purchasing power this morning. The U.S. Dollar Index has usually rallied whenever a crisis erupted around the world and that is not occurring this time around. This is a definite change in character. Investors and traders are now running into gold and silver as the one true reserve currency.
Last night the Asian markets sold off sharply. The Nikkei 225(Japan) and Hang Seng Index(Hong Kong), traded lower by a little over 1.00 percent. The highly followed Shanghai Index(China) traded higher by 0.56 percent. The Indian Sensex Index declined by 3.00 percent and this is a large decline. Traders in the U.S. must watch stocks such as Tata Motors Ltd.(NYSE:TTM), India Fund(NYSE:IFN), and other India related companies to be in focus and likely under pressure. India has already been plagued with high inflation and the oil spike is certainly taking its toll on that economy. 
Nicholas Santiago
InTheMoneyStocks.com
Questions and Answers
This morning the S&P 500 e-mini futures(ES H1) are trading lower by just 1.00 point to 1319.00. Spot WTI oil is trading higher by 0.49 cents to $105.51 a barrel. Oil should still be front and center when it comes to market sentiment. Gasoline prices at the pump in the United States are now averaging $3.50 a gallon which will certainly hurt consumer spending. Traders and investors should remember that consumer spending accounts for roughly 70.0 percent of the gross domestic product in the ...
This morning the S&P 500 E-mini futures(ES H1) are trading higher by 7.75 points at 8:30 am EST. The stock market seems to be reacting positive as oil is pulling back below $100.00 a barrel. This morning, April crude is trading around $96.85 a barrel. Crude remains the driving force behind every stock market move. Yesterday afternoon when oil prices pulled back below the $100.00 level the stock market indexes actually rallied higher off of its intra-day lows.
The S&P 500 Index e-mini futures (ES M1) are trading lower this morning by 7.00 points to 1312.50 per contract. The decline in the futures comes after Alcoa Inc.(NYSEAA) reported earnings last night and missed analysts estimates. Alcoa stock is trading lower by 0.77 cents to $17.00 a share. The major stock indexes are finally starting to pullback a little after the huge rally from the March 16, 2011 pivot low. The Asian markets all declined lower last night.
Since late August when the Federal Reserve Bank Chairman Ben Bernanke announced his quantitative easing plan the entire stock market has inflated sharply higher. One industry group that has soared higher has been the oil refiner stocks. This sector has seen very significant gains and remains strong even today.
Last night the Chinese economy reported a better than expected producers price index(PMI). This news obviously helped lift all the commodity stocks this morning. As we all know commodities and most commodity stocks have risen sharply since early July on positive economic data out of China. China is now the driving force of the world economy.
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