This morning the U.S. Dollar index is trading flat around the $88.41 level. Yesterday the market gave up all the early morning gains as the dollar rallied. Therefore, as we all know by now the dollar is the driving force behind every move. When the dollar rallies the market deflates and when the dollar declines the stock indexes simply inflate. Keep a dollar chart up at all times as this is the chart that matters.
Spot gold is trading higher this morning by 4.00 to $1245.00 an ounce. The very popular SPDR Gold Shares (NYSE:GLD) are trading higher by 0.13 cents to $121.62. Should the market go into fear mode gold could trade higher. However, it is currently at resistance on the daily chart.
Spot oil is trading higher by 0.80 cents this morning to $72.28 a barrel. The very popular United States Oil Fund (NYSE:USO) is higher 0.61 cents to $33.19. Remember as long as the dollar pulls back oil should trade higher.
The U.S. Dollar is front and center again. Please realize that as the dollar pulls back the Euro currency will generally do the opposite. This morning the Euro is trading slightly higher on the day.
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