Weekly Futures Recap With Mike Seery

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.

Gold Futures

Gold futures in the December contract settled last Friday in New York at 1,275 an ounce while currently trading at 1,304 up nearly $30 for the trading week bottoming out last Friday around 1,262. I'm currently not involved in this market or any of the precious metals as gold and silver have remained extremely choppy in recent months. Gold prices are now near a three week high as the U.S. dollar has now hit a three week low and that has helped push prices up this week, and they are now trading above their 20 and 100-day moving average as the trend is higher. However, in my opinion, avoid this market as the trend is truly mixed. The stock market has hit another all-time high in today's trade as money has been coming out of gold & into the equity market over the last several weeks as I remain very bullish stocks. I think gold will remain choppy for the rest of 2017 unless some development happens with North Korea as that could reemerge at any moment. I still think that situation is not going away and I do think the downside in gold is limited. However, I will wait for better chart structure & a better risk/reward scenario before getting involved.
TREND: MIXED
CHART STRUCTURE: POOR

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

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.

Gold Futures

Gold futures in the December contract settled last Friday in New York at 1,275 an ounce while currently trading at 1,264 down about $11 for the trading week after reacting negatively to a higher U.S. dollar hit a six week high putting pressure on silver and gold prices here in the short term. The United States lost 33,000 jobs in September due to the hurricane situation down south, but that is having minimal impact to support gold as the short-term trend is to the downside. If you take a look at the 10-year note which is now yielding 2.45% as yields continue to climb which is a negative towards precious metals prices plus tensions with North Korea have subsided over the last several weeks as money flows are coming out of gold and into the stock market once again which hit all-time highs this week. I'm advising clients to avoid the precious metals as they remain choppy with poor chart structure. Gold prices have now dropped about $100 from the September 8th high around 1,362 as this market has been incredibly choppy in 2017 as we are headed towards major support at the 1,250 level as lower prices look to be ahead in my opinion.
TREND: LOWER
CHART STRUCTURE: POOR

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

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.

Gold Futures

Gold futures in the December contract settled last Friday at 1,297 an ounce while currently trading at 1,286 down a little over $10 for the trading week. The sell-off is due to several factors including the 10-year notes now yielding 2.30% which is a fundamental bearish indicator towards the precious metals coupled with the fact that the U.S. dollar has now hit a 5-week high putting pressure on the precious metals here in the short term. Gold prices are trading under their 20-day moving average and right at their 100-day testing major support around the 1,275 level. I am currently not involved in any of the precious metals as this market remains in a seesaw pattern. Gold prices had rallied earlier this month due to major tensions between North Korea and the United States, and I don't think that situation is going away anytime soon, but things have settled down, and that is why are also seeing a selloff in the bond market. The flight to quality has come to an end at least here in short-term so look at other markets that are beginning to trend with a better risk/reward scenario at the present time.
TREND: CHOPPY - LOWER
CHART STRUCTURE: POOR

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

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 20 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 November contract settled last Friday in New York at 50.44 a barrel while currently trading at 50.50 primarily unchanged for the trading week which is a rare occurrence as this is a very volatile commodity. I will be recommending a bullish position if prices close above 50.88 while then placing the stop loss under the 10-day low standing at 48.28 risking around $1,300 per mini contract plus slippage and commission. Oil prices are right at a 15-week high trading above their 20 and 100-day moving average telling you that the short-term trend is higher with heating oil hitting another contract high in today's trade while unleaded gasoline continues to remain firm. I am bullish the entire sector across the board. The chart structure in crude oil is excellent due to low volatility, and we could be involved in a bullish position at Friday's close so keep a close eye on this market as I think the commodities, in general, are moving higher as the bearish trends have finally come to an end in my opinion.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT

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A Tumbling Copper Could Hit The Floor

Aibek Burabayev - INO.com Contributor - Metals


Greed is one of the strongest human motivators. It is easy to get greedy, but it is hard to push it down after it gets extreme. The main point of my previous update in August was to focus your attention on the price action in the $3 area as the price could hit this psychological level and then retreat. My advice was to book profits and wait to see what would happen next.

I hope that you heeded my advice and didn’t get greedy as copper was pushed down below the $3 level very quickly.

In the same post, I thought that this upside move in the metal that had started last year could just be a consolidation before another drop down. In the chart below I go into more details about it.

Chart 1. Copper Monthly

Monthly Chart Copper
Chart courtesy of tradingview.com
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