This morning, the S&P 500 Index e-mini futures (ES H2) are trading higher by 2.00 points to 1365.00 per contract. All of the European markets are trading slightly higher this morning. The major stock market indexes continue to hold steady despite the high prices in oil. Light sweet crude is trading above $108.00 a barrel today. We can only wonder how long it will be before high oil begins to hurt the stock market. Before the opening bell the ProShares Ultra DJ-UBS Crude Oil (NYSEARCA:UCO) is trading higher by 0.10 to $47.79 a share.