Commodities Lead The Charge Higher
Commodities are leading the market higher today. The United States Oil Fund LP (NYSE:USO) is higher by 1.60%, trading at $38.78, +0.61. In addition, the SPDR Gold Trust (NYSE:GLD) finds itself higher on the day, trading at $134.57, +0.45 (+0.34%). Last week, oil and gold took somewhat of a tumble. Key stocks like Chevron Corporation (NYSE:CVX) and United States Steel Corporation (NYSE:X) pulled back nicely. These stocks are now jumping back higher again, giving an extra push of life to the markets in this extreme light volume session.
Volume has yet to fully return to the markets in 2011. As long as things remain quiet on the global horizon, this is likely to continue. The S&P is hovering just below resistance at 1280. This this be taken out, another small leg up could begin. Should it fail to push through in the coming sessions, look for a pull back next week. Based on these levels, the markets are entering a pivotal period where a move will be forthcoming shortly.