Oil Dips Markets Jump

This morning the Unites States Oil Fund (NYSE:USO) has pulled back sharply from it’s morning highs. The USO is now trading higher by just 0.15 cents to $42.48 a share. Spot crude for April delivery has declined sharply from it’s morning high and this is certainly giving the major stock indexes a small boost higher. Traders and investors should note that the BBC is reporting that Col. Gadaffi is looking to flee Libya. Even when oil was at it’s peak this morning the major stock index futures were all trading higher before the opening bell at the New York Stock Exchange. Crude prices are extended on the daily chart, however, should the crisis in the Middle East continue to spread in the region crude could trade higher.

The United States Gasoline Fund (NYSE:UGA) has pulled back this morning after making a new 52 week high. The UGA is trading lower by 0.26 cents this morning to $49.40 a share. Should the UGA rally back toward the $50.00 level this could put pressure on the major stock indexes.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

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.

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