Friday, March 04, 2011

USO Makes A 2 Year High

As we all know gasoline and oil prices have been on the rise lately. USO which is the ETF for crude oil has somewhat lagged crude oil prices but managed to make a 2 year high breaking out of a lengthy consolidation pattern. Usually  the breaking of such a long consolidation pattern gives way to a large move.   Looks like oil prices are entering a new price range which unfortunately means we can expect to pay more at the pump.

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