This morning, the S&P 500 Index e-mini futures (ES Z1) are trading lower by 1.75 points to 1217.50 per contract. The small pullback in the futures market comes as Germany said that there would not be a complete resolution to Europe's debt crisis by the end of next week. After all, a crisis that took many years to make could never be fixed in a couple of weeks. Traders and investors should continue to follow the U.S. Dollar Index, when the dollar trades higher the markets will trade lower and vice versa.

Last night, the Asian markets traded higher across the board. The one major Asian stock index that was lower was the Sensex Index (India). The important Sensex Index closed lower by 0.34 percent. While this is not a big decline it is telling us that the Indian ADR's will need to pullback or consolidate before trying to move higher. Stocks such as Tata Motors Ltd (NYSE:TTM), Infosys Ltd (NASDAQ:INFY), and the India Fund (NYSE:IFN) are likely going to pullback or consolidate soon. All of these stocks have rallied sharply higher since the October 4, 2011 stock market low. After a pullback these stocks could make another move higher.