CHICAGO, April 19, 2011 /PRNewswire/ -- Zacks highlights
commentary from People and Picks Trader
"inthemoneystocks".
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Commodity Stocks Get Rocked
This morning the leading commodity stocks are declining sharply
after a downgrade warning to the United
States was issued by Standard & Poors. The U.S. Dollar
Index is also trading higher and that will usually help to deflate
asset and commodity prices. Leading commodity stocks such as
Freeport McMoRan Copper & Gold Inc. (NYSE: FCX),
United States Steel Corp. (NYSE: X) and Southern Copper
Corp. (NYSE: SCCO) are all trading sharply lower this morning.
This is exactly what happens when the U.S. Dollar Index shows a
little strength.
Leading mining equipment stocks such as Caterpillar Inc.
(NYSE: CAT) and Deere & Co. (NYSE: DE) are also coming
under selling pressure this morning. These stocks could still have
further downside as the daily chart support levels are a bit lower
on the charts. Traders must now keep one eye on the U.S. Dollar
Index at all times as these leading mining equipment stocks will
generally trade inverse to the U.S. Dollar Index.
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