Oil Continues The March Higher Despite Dollar Strength (USO)
Crude oil and commodities alike continue their march higher post fed decision. United States Oil (NYSE: USO) is up .27 today despite the dollar strength, currently up .05 (NYSE: UUP).
Options traders are buying out of the money calls in back months on the (USO)pricing in a move over 85$ in NYMEX futures.
As for what is driving commodities, Dennis Gartman of the Gartman Letter said today, “Commodities have gone ‘mad’ since the Fed’s decision not to hike rates. Speculators are getting way to confident of a weak dollar and inflation.”
52wk Range: 26.28 – 41.92