Monday, August 31, 2009

Commodity Roundup for August 31, 2009

Today the USO broke a major trend line going back to mid July after a sharp sell off in China lead the Shanghai Composite to drop over 6%. Traders are wondering if the declines in the Chinese markets will lead to another bear market here in the states. Traders should watch oil prices closely as much of the U.S. rally was attributed to the "bull market" in China and their aggressive purchases of commodities. Below are key levels to watch on the USO on a closing basis.


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