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Gold and Oil Showing Weakness

A rare occurance today as oil and gold are very weak when the U.S. Dollar is flat. Usually, the U.S. Dollar would have to be up nicely to be causing this weakness in both oil and gold. This tells us there is a little extra fear in the market today or worry about the growth of the global economy.  China reported weaker than expected economic numbers, this is most likely the cause.  The SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $129.88, -1.44 (-1.10%) while the United States Oil Fund LP (ETF) (NYSE:USO) is trading at $34.97, -0.62 (-1.74%). 

Gareth Soloway
Chief Market Strategist