Gasoline Remains In An Up-Trend
This morning the U.S. Gasoline Fund is trading higher by 0.26 cents to $43.24 a share. The UGA has been in a strong daily chart uptrend since early September 2010 when the Federal Reserve Bank announced its quantitative easing program. When gasoline increases this is a direct tax on the U.S. consumer. Please note that consumer spending accounts for 70.0 percent of the U.S. gross domestic product. The UGA will have short term intra-day resistance around the $43.50 area.