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.
Cotton Futures-- The cotton market continues its downward trend finishing lower for the 9th consecutive trading session in New York breaking major support at 78 currently trading at 76.65 trading below its 20 and 100 day moving average hitting a new 10 month low and in my opinion prices are possibly heading down the 70 in the next several weeks. The problem with cotton as with many of the soft commodities as there is very little demand at this time continuing to pressure prices & I recommended selling this market when it broke 82 and this has been successful trade at this point but remember to place your stop above the 10 day high in case the trend changes but I do believe prices are headed substantially lower as harvest is progressing on a daily basis bringing in more and more supply. The chart structure in cotton when prices broke out at 82 was outstanding risking around $1,200 at that time so I hope some people are listening out there and continue to stay short as prices are still expensive in my opinion. TREND: LOWER –CHART STRUCTURE: EXCELLENT [Read more...]