USO(Oil ETF) has held up well today considering the market is slightly negative. The next strong resistance level for the USO is 40.50. Remember even though the USO trades until 4:00 pm ET spot crude will close at 2:30 pm ET. Therefore, we dont expect much action in  the USO after the 2:30 pm ET time frame.

The U.S. dollar gained ground versus the euro and Japanese yen on Friday.The U.S. dollar index (DXY) rose to 75.677, up from 75.480 after sliding to a series of 14-month lows earlier in the week.

Raj Rajaratnam, a partner in Galleon Management and a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to cause trades based on insider information about three publicly traded companies. According to the court papers, Rajaratnam obtained insider information and then caused the Galleon Technology Funds to execute trades that earned a profit of more than $12.7 million between January 2006 and July 2007.

Oil prices were up to near $78, continuing a week long rally. Benchmark crude for November delivery was up 10 cents to $77.68 a barrel. Earlier in the session it traded as high as $78.17 a barrel.

Gold futures erased earlier losses Friday. Gold for December rose $5.50 to $1,056.10 an ounce, after trading as low as $1,043.70 an ounce.

Advancers

USEG +18.53%
TRGT +18.77%
KNDI +16.77%
AIS +13.16%
ROYL +14.64%

Decliners

CRYP-24.77%
GNV -19.11%
RDN -18.26%
PMTI -12.06%
UFPI -10.51%

It happens all the time. The dollar fades when the market declines to save the equity market. Then the weaker dollar gives a lift to everything not just commodities anymore. Even baked goods catch a bid off the weak dollar these days.

 

ORCL is up on the trading session while the market is weak. Watch this resistance level for a pullback at 21.80 -21.86 area. 

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