Commodity Prices

Gold •311 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,001.60	+22.10	+2.26%
WTI Crude •1 day	61.02	+1.11	+1.85%
Gasoline •1 day	2.108	+0.023	+1.10%
Ethanol •311 days	2.161	+0.000	+0.00%
Silver •311 days	30.82	+1.16	+3.92%

Silver • 311 days	30.82	+1.16	+3.92%
Copper • 311 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	63.91	+1.07	+1.70%
Natural Gas • 1 day	3.795	+0.203	+5.65%
Heating Oil • 1 day	2.066	+0.026	+1.29%

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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).