U.S. equity index futures are higher this morning. S&P 500 futures are up 6 points in pre-opening trade. Futures are responding to comments over the weekend by members of Congress and the White House assuring bi-partisan support for the renomination of Ben Bernanke as chairman of the Federal Reserve. The Senate must approve the renomination by January 31st.
The U.S. Dollar weakened on the news. The weaker U.S. Dollar triggered strength in commodities priced in U.S. Dollars. Gold, silver, copper, platinum and crude oil are trading higher. The U.S. Dollar has found short term resistance at its 200 day moving average.
Halliburton gained 6% after reporting higher than consensus fourth quarter earnings.
AK Steel added 5% after reporting higher than consensus fourth quarter earnings. The company continues to benefit from rising steel prices.
Apple added 2%. Traders are anticipating launch of Apple’s tablet on Wednesday.
Goldcorp added 1% following an upgrade from Hold to Buy by TD Newcrest. Target price is $50.
Thomson Reuters improved 1% following an upgraded by Citigroup from Hold to Buy.
Don Vialoux, chartered market technician, is the author of a free daily
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Exchange-Traded Funds. For more visit Don Vialoux's Web site