The futures are pointing towards a higher open this morning as the dollar continues to weaken. The bulls will try to snap a three-day losing streak today and we have talked about the how the market has moved in the opposite direction of the dollar in recent weeks.
Ahead of the opening bell, Dow futures are up 90, to 10,393. The S&P 500 futures are higher by 10, to 1,100, while Nasdaq 100 futures are up 17, to 1,780.
As the dollar weakens, it pushes the value of commodities higher because they become cheaper for foreign investors. A lower dollar has also helped gold reach record highs. Gold has traded higher on 14 out of the last 15 trading sessions and has reached a high of $1,168 an ounce this morning.
As far as economic news, home sales for October are projected to rise to the highest level in more than two years as first-time buyers, anticipating that a tax credit would soon expire, rushed to get in. At 10am (EST) this morning, the National Association of Realtors is expected to report sales rose to a seasonally adjusted annual rate of 5.65 million, up from 5.57 million in September. It would be the highest sales rate in more than two years…
We had a good feeling last night that the market would start the week off strong. Current subscribers can check the Members Area for the trade updates…]]>