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Blood On The Street (NYSE:SCCO) (NYSE:OIH) (NYSE:SU) (NYSE:DVN)

Posted by Aadil on May 23, 2011 at 4:55pm
This morning, the major stock market indexes are declining sharply lower. The catalyst for the steep stock market decline is once again the stronger U.S. Dollar. When the dollar rallies or trades higher the major stock and commodities will deflate and simply trade lower. This morning the leading commodity stocks such as Southern Copper Corp.(NYSE:SCCO), Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), and United States Steel Corp.(NYSE:X), are all under early selling pressure. Traders should keep one eye on the U.S. Dollar Index(DXY), if the DXY declines intra-day it would be prudent to expect these leading commodity stocks to catch an intra-day bounce. 

Most energy stocks are also coming under selling pressure to start the trading day. The Oil Services Holders Trust(NYSE:OIH) is declining lower by $3.10 to $145.88 a share. Traders can watch for short term intra-day support around the $145.00 and $143.50 levels. Other leading energy stocks that are declining lower include Suncor Energy Inc.(NYSE:SU), and Devon Energy Corp.(NYSE:DVN). These stocks could also see some bounces if the U.S. Dollar Index pullback intra-day.

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