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 down are $.30 this Friday afternoon currently trading at $93.60 a barrel finishing down about $1.50 for the trading week and I’m still recommending a short position in crude oil placing your stop above the 10 day high which on Monday’s trade will be at 97.10 risking around $4 or $4,000 per contract as the trend seems to be getting stronger to the downside as the U.S dollar is pressuring commodity prices hitting an 11 month high against the Euro currency this afternoon. The chart structure in crude oil will improve dramatically in the next several days so be patient as prices are still trading below their 20 and 100 day moving average dropping around $12 in the last 3 months as world supplies are extremely large at the current time and my theory states that the United States government wants to hurt Russia and the one way to hurt Russia’s economy is by pressuring oil prices as Russia’s economy is basically based on high energy prices so continue to play this to the downside as I think we will crack $90 a barrel in the next couple of weeks.
CHART STRUCTURE: IMPROVING [Read more...]