Crude Oil, Stocks At Five Month Highs (USO, SPY, UUP)

Both crude oil and the major stock averages are now trading at 5-month highs after a big rally on Wall Street on Tuesday. NYMEX crude futures jumped 1.40% to $82.61 during the trading session. The Unites States Oil Fund ETF USO gained 1.40% to $36.09 in New York Stock Exchange trading. The USO has now surged 8.74% in the last 5 trading days alone. All of this is occurring against the back drop of a rapidly deteriorating U.S. Dollar. The PowerShares DB US Dollar Index Bullish ETF UUP fell 0.84% to $22.56 on Tuesday. Stocks are also hitting multi-month highs as the S&P 500 broke through key resistance in the 1,150 area to close at 1,160.75. The SPDR S&P 500 ETF SPY surged 2.01% to close at $116.04.