We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Crude Oil Futures
Crude oil futures in the January contract are trading below their 20 and 100 day moving average telling you that the short-term trend is to the downside settling in New York last Friday at 41.90 a barrel while currently trading at 42.40 up around 50 cents for the trading week as prices have been going sideways recently improving the chart structure dramatically. At the current time I’m not involved in this market, but it sure looks to me that lower prices are ahead as the U.S dollar hit 100 this morning putting pressure on the precious metals and the energy sector once again despite the fact that rig counts hit a 6 year low meaning that we should be producing less oil which should prop up prices, however at the current time worldwide inventories are massive. [Read more...]