Commodity Prices

Gold •656 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	2,081.20	-6.00	-0.29%
WTI Crude •11 mins	86.66	-0.76	-0.87%
Gasoline •11 mins	3.113	-0.004	-0.14%
Ethanol •656 days	2.161	+0.000	+0.00%
Silver •656 days	30.82	+1.16	+3.92%

Silver • 656 days	30.82	+1.16	+3.92%
Copper • 656 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	94.75	-0.73	-0.76%
Natural Gas • 11 mins	2.671	-0.018	-0.67%
Heating Oil • 11 mins	3.557	+0.016	+0.46%

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Chris Ciovacco

Chris Ciovacco is the Chief Investment Officer for Ciovacco Capital Management, LLC.

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The Weak Dollar Gives...The Strong Dollar Takes Away

By Chris Ciovacco - Jun 04, 2009, 12:00 AM CDT

Comments as of Wednesday's close: Risk assets have been benefiting from a weakening U.S. dollar. On Wednesday, the dollar strengthened on concerns about the economy (acting as a safe haven). From a technical perspective the dollar index has some support near 79.05 and 78.98 (today's low was 78.33 - we are at 79.53 now). Last time these areas came into play, a three week countertrend rally followed, which is one reason we have been taking relatively small positions in recent weeks. A multi-week dollar counter-trend move is a possibility - we just need to be aware of it.

Bullish GAPs Still In Play - Support On S&P 500 Holds

06/03/2009: On May 8, 2009, we presented this chart of crude oil (see below). Oil was trading at $58 when we posted the chart. The gap was filled as oil recently traded over $68. Today, similar chart patterns are present in many asset classes. We will illustrate the current situation using SLX (steel stocks).