Pre-Market Movers And News

This morning the personal income and spending numbers were released. The income and spending numbers were just a slight bit better than economists had expected. The S&P 500 Index e-mini futures(ES H1) were already trading higher this morning by 6.50 points to 1325.25 on a the back of a pullback in oil. Right now the stock market only seems to care about crude oil reaching $100.00 a barrel. When light sweet crude trades around $100.00 a barrel the stock market indexes seem to retreat and pullback. Should crude rally back up toward the $100.00 level traders and investors would be prudent to expect the major stock indexes to decline and sell off. Last night the Asian markets rallied higher. The rally in Asia came on the back of China and Russia putting pressure on the Libyan ruler Muammar Qaddafi to step down from his post. This action caused oil prices to decline and hence a stock market rally in Asia. We shall see how long this decline or pullback in crude shall last since it is dictating every move in the stock market. Traders and investors should know that when the Asian stock markets rally it is usually a positive for most commodity stocks. Therefore, commodity stocks such as Freeport McMoRan Copper & Gold IncFCX, Cliffs Natural Resources Inc.(NYSECLF), and Southern Copper Corp.SCCO could be in play this morning. However, should crude start to catch a bid higher and near that psychological $100.00 level the commodity stocks would likely retreat and trade lower. One eye must be kept on oil at all times this morning. Nicholas Santiago InTheMoneyStocks.com