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.