This morning the S&P 500 e-mini futures (ES M1) are trading higher by 2.00 points to 1325.75 per contract. The catalyst for the move higher in the futures is likely due to the decline is oil prices this morning. WTI oil is declining by $1.23 to $111.56 a barrel. Rumors are circulating that Libyan leader Qaddafi will agree to a cease fire in Libya. We shall see about that.
The Asian markets all traded slightly lower last night. The Nikkei 225 Index(Japan) finished lower by 0.50 percent. Earlier this morning Japan had another 6.6. magnitude earthquake. Reports were released that the evacuation zone had to be expanded. The Sensex Index (India) was lower last night by nearly 1.00 percent which was the largest declining index in the Asian region.
Gold is trading slightly lower this morning while silver makes new highs. June gold is trading lower by $6.20 to $1467,90 an ounce. May silver is trading higher by 0.60 cents to $41.21 an ounce. The all time high for silver was $50.35 made over 31 years ago. Can silver reach this old resistance levels before pulling back?
This afternoon kicks off the start of earnings season when aluminum producer Alcoa Inc. (NYSE:AA) is the first company scheduled to report quarterly earnings after the close. J.P. Morgan Chase & Co. (NYSE:JPM) will report earnings on Wednesday before the opening.
Monday’s have been a notoriously light volume trading session recently. Therefore, it is usually a very dull market (light volume) after the first two hours of the session. We shall see if that is the case today. Please remember the old market adage that states, never short a dull market.