Traders to go Long on the S&P 500 this Monday
We are seeing a lot of weakness for the U.S. dollar during the current trading week. Investors are of the view that now is the time to take risks when it comes to the greenback, as it made many losses last week. There was bullishness on Friday. For example, the GBP/USD pair dived 0.34 percent to the $1.6295 level.
We saw a lot of mixed behavior when it came to the European single currency during Friday’s trading session. On the one hand, it was able to gain versus the pound. On the other hand, it capped some very big losses against the dollar. There has been mixed data published from the Eurozone recently, while traders consider which assets they should put their money into. The euro’s gains versus the pound may be extended during today’s session, as there are fears over possible overheating of the Eurozone.
The Canadian dollar was one of the worst performers during last week’s trading session. The good news is that it was able to make a comeback versus its peers on Friday. The USD/CAD pair made losses of 0.53 percent to 1.0583 Canadian dollars. Traders felt that the CAD’s losses were overdone prior to Friday, which helped it gain on Friday itself. Traders are hoping that the advances we saw at the end of last week will be built upon as today’s trading gets going.
When it came to U.S. stocks last week, it was unfortunate that we did not see a better performance. The same was true for European stocks too. However, Asian stocks were able to perform better.
The Dow Jones industrial Average actually climbed, but the S&P 500 dipped. Also, the Nasdaq 100 made notable losses.
Cisco Systems dipped 1.32 percent to $20.24. Microsoft fell 1.42 percent to $36.69.
Make sure you follow all of the economic developments from the global economy today in order to maximize your returns from the financial markets.
Crude oil was one of the biggest losers on Friday, as it slipped by more than 1 percent. This was in contrast to the gains which it made during the earlier part of the trading week. It seems that crude continues to still be one of the most volatile commodities. One reason why crude dived on Friday was that the dollar was mostly higher versus its peers. In addition, the previous gains we saw for crude oil futures were overdone. Therefore, traders unwound their long positions in crude. Look to go long once today’s trading gets going.
Gold futures behaved exactly the opposite of gold on Friday. The yellow metal was one of the strongest assets, as traders felt that the losses for gold we saw in the former half of the trading week were exaggerated. The commodity ended the trading session higher by $13.20 at $1,238.10. It may be that traders decided to buy into the metal due to there being a lack of other assets to invest in on Friday. More gains may be on the cards today.
Amongst the worst performer with regards to U.S. indexes as of late has been the S&P 500. Traders have taken it upon themselves to go short due to the lack of confidence in American stocks and indexes. However, the fact is that the U.S. economy is relatively healthy, which is why you may want to look into buying into the S&P 500 once the U.S. session gets going today, because this may help you build your profits.