Market Summary

The market is set to open higher per the futures market with the major indices all pointing higher. With the outbreak of fighting in Libya oil is currently just under $103 per barrel. This will bring up with it the other commodities as well. The US Dollar Index is currently 75.5 which is down from 76.75 a week ago. As a way to follow the markets I post here charts that I can make reference back to at a latter date. For example, last week I posted the EWV chart which goes up when the MSCI Japan Index goes down. Last week it was 34.70 and it is currently 36.10 though it had been as high as 45.34. Today I want to post the United States Oil chart USO to follow oil prices and the Financial Sector index XLF to follow the financials. Click on charts to enlarge.

As can be seen from the chart above USO has been in an uptrend and is expected to break out to new highs. It has support at the 50 day moving average (Red Line).

The XLF chart above shows a breakaway gap at last Friday's open where it broke above the closing price on Thursday. This should act as support and it is set to open higher.

The performance table above shows AGQ to be the top performer on the YTD basis up 25.34%. For last week the top two performers were UBT and UST, both bond funds, as investors sought the safety of bonds in the volatile market. These, however, are likely to decline next week as investors risk appetite increases.