Commodity Prices

Gold •220 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,020.80	-1.50	-0.15%
WTI Crude •1 day	71.00	+0.39	+0.55%
Gasoline •1 day	2.105	+0.030	+1.46%
Ethanol •220 days	2.161	+0.000	+0.00%
Silver •220 days	30.82	+1.16	+3.92%

Silver • 220 days	30.82	+1.16	+3.92%
Copper • 220 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	74.66	+0.37	+0.50%
Natural Gas • 1 day	3.309	-0.099	-2.90%
Heating Oil • 1 day	2.431	+0.033	+1.37%

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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).