Shanghai Data Moves The Markets
The commodity stocks have been on the weak side over the past two trading days. The pullback in the leading commodity stocks comes as the Shanghai Index (China) sold off by 1.45 percent the other night. There has also been a lot of talk from the leading politicians and the U.S. Treasury Secretary Tim Geithner for China to let there currency float and trade in the open market. Currently the Chinese Yuan is basically fixed and pegged to the U.S. Dollar. Many other politicians in the U.S. will argue that a free floating Chinese Yuan would hurt many of the retail companies such as Walmart Stores Inc.(NYSE:WMT), and Target Corp.(NYSE:TGT. Most of the goods that retailers sell comes from China and higher prices at the retail chains would hurt the U.S. consumer further.
The leading commodity stocks are trading slightly lower this morning as the U.S. Dollar Index trades slightly higher on the trading session. Stocks such as Cliffs Natural Resources Inc.(NYSE:CLF), and United States Steel Corp.(NYSE:X) reversed lower yesterday after the declining Shanghai stock index and are trading down again this morning. Please remember that these leading commodity stocks will usually trade higher if the U.S. Dollar Index starts to decline and trade lower. The action in the U.S. Dollar Index and now the Shanghai Index (Chinese stock market) is the driving force behind this stock market in the Unites States and the rest of the world.
Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com
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