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.
Silver futures in the September contract rallied $.35 cents this week as tensions between Israel and Hamas have sent prices to 4 month highs at 21.48 with the next major resistance at $22 as I’ve been recommending a long position when prices hit a 4 week high breaking above 20.02 about 3 weeks ago so continue to place a stop below the 10 day low as the chart structure is outstanding as that level currently stands at 20.82 risking around $.70 or $3,500 per contract at these price levels. Silver has been going higher in recent weeks as this commodity has solid demand due to electronics and many other products that currently use silver and if you’ve been following any of my previous blogs for the last several months I thought prices were extremely cheap especially compared to the rest of the commodity markets so continue to be long while placing your stop at the 2 week low as prices are trading above their 20 and 100 day moving average telling you that the trend remains higher.
CHART STRUCTURE: EXCELLENT