Why has the price of oil risen so much in the past few months?  Is it a supply and demand issue as some believe; or is it because of an out-of-control futures market driven by the proliferation of commodity index funds and rampant speculation, as everyone tries to get in on the rise in commodity prices?  This is a very complex issue, with a lot of emotion attached to it.

The ProShares UltraShort Oil & Gas ETF (DUG) is smacking right up against its 8-week resistance line.

Toni Hansen writes that the stock market will be due for a correction off daily and 60-minute support levels into early next week.

For the emerging markets, it's getting better all the time.

There are already two strong downside moves on a 30-minute time frame. Corrective moves are more often two waves, while primary trend moves tend to come in threes. Since the trend up until now has been on the upside, there may not be a substantial third wave until after the market corrects off support and rolls over.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for May 23.

Lower-than-expected natural gas inventories reversed price direction, which rocketed the price structure to new highs.

Back in the '70s inflation rates rose.  Bond buyers took a terrible beating. Then, they strapped on their guns. Henceforth, it was said, the feds couldn't get away with causing inflation, because the bond market wouldn't let them.

The US dollar weakened significantly this past week as oil prices skyrocketed and stocks plummeted, but today was a day of recovery with stocks and the dollar rebounding and oil prices easing.

Toni Hansen thinks there may be a bit more downside into the morning, but the market is due for another correction up off lows on a 30-minute time frame.