U.S. crude oil futures (/CL) are up nearly 1.8%, and are on track to make their fifth consecutive gain as a drop in U.S. oil inventories and a sliding dollar have helped propel oil to trade near $67 a barrel. Gold (/GC) has also benefited from the weakening dollar and increasing political uncertainty. Gold futures are up 0.4% this morning, and are trading near $1205 per troy ounce. Existing Home Sales and the FOMC minutes will be the highlight of today’s economic reports. Investors will be looking for clues in the minutes for direction on interest rate policy going forward. As of this writing, S&P 500 futures (/ES) are 0.2% lower near 2857 and 30yr. Treasury bonds (/ZB) are 0.3% higher near 145’19.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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