Charts courtesy of James Stack InvesTech Research

Crude oil prices remained above $80 per barrel last week as investor confidence strengthened and the outlook for growth remained positive.  Prices are now in the upper end of our target range of $60 to $85.  Over coming months, the direction of crude prices will continue to be impacted by the expected pace of the global economic growth as well as the upcoming hurricane season.  Stay tuned for updates.
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The U.S. dollar has pulled back once again as equity markets continued to improve and the need for “safe-haven” investments diminished.  We note that the U.S. dollar is still well above 2009 lows.  This will benefit the U.S. economy going forward because the Federal Reserve won’t be forced to tighten monetary policy sooner than expected.  We’ll continue to watch this key economic indicator closely in the months ahead.

Last Week's Chart of the Week