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 October contract are trading higher by 50 cents this Friday afternoon in New York after settling last Friday at 49.11 while currently trading at 47.85 down about $1.50 for the trading week still hovering right near a 7 high. Oil prices are trading above their 20 and 100-day moving average telling you that the short-term trend is higher as I’m currently sitting on the sidelines in this commodity as the chart structure is very poor at present as I’m waiting for the monetary risk to be lowered so I will be patient. The market today reacted off the Federal Reserve’s announcement that they probably will not raise interest rates sending many commodities higher while also sending the U.S dollar slightly lower today as it certainly looks to me that interest rates are going to be low for a long period of time. However, oversupply issues of crude oil is what is hampering this market at the current time. [Read more...]