By InTheMoneyStocks on May 10th, 2010 9:31am Eastern Time
Stock index futures are soaring higher ahead of the opening bell after the European Union announced a bailout plan. Since this announcement last night the U.S. Dollar Index is lower by more than 1.00 point since Friday's close to $83.47. This decline on the dollar will help lift most commodities and inflationary stocks.
The United States Oil Fund (NYSE:USO) is trading higher this morning by $0.80 to $37.11. Spot crude is higher by $2.06 to $77.15.
The SPDR gold Shares (NYSE:GLD) is lower by $0.87 cents to $117.47. Spot gold is lower by $10.00 to $1200. The recent move higher in gold is due to the fear in Euro currency. Today the Euro is slightly stronger.
Often markets will rally and trade higher on the back of a falling U.S. Dollar. Should the dollar trade lower it is likely that this mornings rally will hold up. However, should the dollar rally this market is likely to fade from this gap open high.
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