I have been giving entirely too much love to gold in this space so this week I’m going to start off discussing oil. Oil futures moved over 102.00 this past week in what has been a pretty orderly march higher. I’m not sure if global economic recovery, global political uncertainty, or everyone in Chicago trying to keep warm is the primary factor. Despite a 2% rise in the United States Oil ETF (USO – 36.69) the CBOE Crude Oil ETF Volatility Index (OVX – 17.90) hardly moved last week.
Gold continues a bullish move to the upside, but this move was a bit muted last week with the SPDR Gold Shares ETF (GLD – 127.58) rising about 1/3rd of 1%. GVZ is pretty close to the 2014 closing low which signals complacency on both sides of the bullish / bearish fence.