Gasoline Prices Remain The Hottest Asset Class

Since late December 2011, the major stock indexes have surged sharply higher. While the stock market rallies and inflates higher, oil and gasoline have also been in rally mode. This morning, the United States Gasoline Fund (UGA) is trading lower by 0.15 cents to $57.59 a share. The price of gasoline is now being watched by many investors as something that could disrupt the current stock market rally. The average price of gasoline in the United States is now $3.84 a gallon for regular unleaded. Unfortunately, the average price of gasoline in California is $4.48 a gallon. Short term day traders should watch for intra-day support on the UGA around $57.40, and $57.00 levels.

Oil prices continue to hold steady as the current price of light sweet crude is higher this morning by 0.49 cents to $107.56 a barrel. Traders that would like to play the action in crude can trade the United States Oil Fund (NYSE:USO), and the iPath S&P GSCI Crude Oil Total Return (OIL). Both of these trading vehicles are holding up very well on the daily charts at this time.

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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