Is the world running out of oil? Or gold, or rice, or wheat, or almost any other commodity you care to name? Despite some usual shortages that have been offset by a surplus in other areas, there has been no significant change in the fundamentals of supply of most commodities.

The euro has been steadily gaining ground against the U.S. dollar over the past two years, up 22 percent. But the euro of late has been under strain as the prospect of higher U.S. inflation and support for a stronger greenback sinks in. So what direction is the Euro/Dollar heading in?

It's been a memorable week for energy markets, starting last Friday when oil hit a new all-time intraday high of $139.12, surging $10.75 in just one day.

Emerging markets represent a lucrative yet dangerous option for an investor. You have to be a little bit of a maverick to invest in markets like Brazil, India, Turkey and Vietnam to name a few, because not only can you make a lot of money, you could just as easily lose your fortune.

But emerging markets have been faring pretty well the last five years, with the benchmark MSCI Emerging Markets Index rising more than 25 percent in 2007. According to Aberdeen Asset Management, by region, the Indian subcontinent was up 55 percent, whilst Latin America was up 35 percent over the year.

Charting Asia recently took a look at India's SENSEX. We thought we'd take a look at a smaller, yet equally as lucrative emerging market -- the Vietnam Index.

Falling stocks and markets, are the favorite hunting ground for long-term investors who look for stocks trading below their fair value. The Vietnam market rose spectacularly in 2006 - 2007. It also suffered an equally spectacular fall in 2008. Many investors are beginning to think this market is moving below fair value.

Markets always look for support. This develops when prices fall to levels irresistible to buyers -- something quite aptly called vulture buying -- where investors wait for the market to reach its lows before they become buyers.

People use many different methods to decide when the low price is most attractive. We use charting and technical analysis to understand how other people are thinking and how they are behaving in the market. The three most important Vietnam numbers are 320, 420 and 540.

2007 was an amazing year for the South Korean stock market. The Korea Composite Stock Price Index, or KOSPI, closed the year with a 32.3 percent gain at 1,820.82. And then came 2008.

The year of the rat hasn't been a very auspicious one for the KOSPI. In the first quarter, the index lost as much as 16 percent of its value, following along the lines of regional Asian markets. But things have been looking brighter for the KOSPI since its nadir in March, with the index paring back losses. It's now down 4 percent year-to-date.

The trend breakout in the KOSPI has been strong, though it has now developed a small top-out and retreat pattern. The key features with the KOSPI are the strength of the underlying trend. This is defined by the relationship between the short term and long term Guppy Multiple Moving Averages (GMMA) display.

Australia's S&P/ASX 200 Index is digging itself out of a hole. The market was down as much as 16% on year in April. But thankfully, the surge in commodity prices has created a hot rock effect, increasing the market heat and driving shares higher towards a new trend. As of Wednesday's close, the Australian market was down 8% for the year.

Sony reports its earnings for the fiscal year 2007 on Wednesday. Its stock hasn't had a very good 12 months -- down 25% year-to-date. The maker of PlayStation, is expected to post an operating profit of 393.6 billion yen (US$3.79 billion) in a poll of 17 analysts by Reuters Estimates.

Taiwanese stocks have so far, bucked the negative trend of Asian markets this year. The TaiEx is up 5.4 percent year-to-date. Will this rally continue as the year progresses?

A rally is always something to get excited about, particularly after a market fall of around 50%. And that's exactly what Chinese stocks are experiencing at the moment. The Shanghai Composite Index is up 17% the past week due to strong earnings results and the reduction of stamp tax duties on share trading.

Fill up the tank or heat the wok -- your car or your stomach? It's not a choice we usually expect to face, but welcome to a central inflationary dilemma.