This morning the U.S. Gasoline Fund is trading higher by 0.26 cents to $43.24 a share. The UGA has been in a strong daily chart uptrend since early September 2010 when the Federal Reserve Bank announced it’s quantitative easing program. When gasoline increases this is a direct tax on the U.S. consumer. Please note that consumer spending accounts for 70.0 percent of the U.S. gross domestic product. The UGA will have short term intra-day resistance around the $43.50 area.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.