The United States Oil (AMEX: USO) fund found support after swooning last week.

Just when oil prices seemed to break, last week, a whole new set of problems is on the rise. China continues to have diesel shortages. And now, there is an oil war in Iraq, as key factions are fighting for control of oil lands in the south of the country.

That means that traders have a whole new reason to bid prices up, at least in the near term.

USO trends well with oil, although it doesn't trade dollar for dollar with crude. Lately USO found support near 80, which roughly corresponds to the 100 dollar area for crude.

This came after a roughly 10% correction. That means that this bounce, if it continues will find resistance somewhere near the 90 area on USO, and somewhere around 110 for crude.

If the complex breaks out above their respective resistance, we could see another 5-10% of gains in a relatively short amount of time.

“Futures And Options For Dummies,” Dr. Duarte’s latest book is now available. The markets are responding to news and geopolitical developments like never before. In this environment, individual investors need to expand their investment horizons. "Futures And Options For Dummies " (John Wiley & Sons) has an excellent section on oil futures as well as the currency markets, while covering and expanding on the successful strategies in Doctor Duarte's other books. Order your copy today.

Doctor Joe Duarte's Market I.Q., offers subscribers a unique blend of intelligence, market commentary and trading strategy. Duarte's daily articles, and news summaries offer recommendations and analysis for ETFs, and individual stocks in the technology, health and biotechnology, and energy sectors. Doctor Duarte is a writer, and an emerging futurist, with a diverse background, and a growing audience. His combined expertise in health care, energy, and the effects of politics and global intelligence on the financial markets offer a unique blend of insight and information to thousands of active investors and political and intelligence aficionados around the world on a daily basis.

He is the author of four books: "Futures And Options For Dummies," "Successful Energy Sector Investing," "Successful Biotech Investing" and co-author of "After-Hours Trading Made Easy."

In early 2001 Dr. Duarte in "Successful Energy Sector Investing," correctly predicted that Venezuela's political problems could lead to an energy crisis in the United States.

In 2003, also Dr. Duarte was among the first to widely publicize the long-term friendship between French President Jacques Chirac and Saddam Hussein.

He has also appeared as a weekly guest on Market Mavens Radio, has logged appearances on KNX radio in Los Angeles, Financial Sense.com radio, and Wall Street Radio.

One of CNBC's original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990.

His articles and commentary have been featured on CBS Marketwatch, Barron's, Smart Money, Medical Economics, and in Technical Analysis of Stocks and Commodities magazines.

In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.