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 February contract settled last Friday in New York at 1,322 an ounce while currently trading at 1,333 up about $11 for the trading week right near a four-month high. I'm currently not involved in any of the precious metals as they have rebounded sharply over the last month. The U.S. dollar has now hit a four-month low in today's trade continuing its bearish trend which has supported gold and the precious metals recently, but the chart structure is poor coupled with the fact that we are in overbought territory. I will be patient & wait for a better chart pattern to develop before entering into a trade. Gold prices are trading above their 20 and 100-day moving average as the trend is higher as we now look to retest the September 8th high around 1,365 in my opinion. This market has rallied substantially from the recent low, that was hit on December 12th at 1,238 as we have now rallied nearly $100 in a blink of an eye despite the fact that U.S. stock market hits all-time highs every day, but this rally is based on a weak U.S. Dollar. Gold is also riding the coattails of the energy market which is right at a three-year high in crude oil as both of these are considered inflationary commodities as the U.S. economy and worldwide economies are improving significantly as that should bolster commodity prices across the board in 2018.
TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY:INCREASING

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 February contract are currently trading at 1,322 an ounce after settling last Friday in New York at 1,309 up about $11 for the trading week continuing its remarkable bullish run over the last month as we have now traded higher for the last 11 consecutive sessions. Gold prices bottomed out on December 12th at 1,238 and have now rallied substantially right near a four-month high. I am not involved in this market as the chart structure is terrible due to the recent run-up in prices all because of the U.S. dollar has now hit a three-month low supporting gold and the precious metals across the board. At this point, I am very reluctant to buy gold as I think it is overextended and if you take a look at the RSI indicator, it's in overbought territory. It's remarkable in my opinion that gold has rallied this much despite the fact that the U.S. stock market has hit an all-time high every day this week & looks to move even higher in 2018 in my opinion. As I've talked about in many previous blogs, I do believe that commodities are extremely cheap at this point. If you're looking to buy gold, I would wait for some type of retracement around the 1,300 level as patience is the key to trading sometimes. However, the trend is to the upside as we are trading above the 20 and 100-day moving average, but I think prices are ahead of themselves.

TREND: HIGHER
CHART STRUCTURE: POOR
VOLATILITY: INCREASING

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 February contract settled last Friday in New York at 1,257 while currently trading at 1,272 an ounce up about $15 for the trading week right near a 3-week high. I'm currently not involved in this market as the trend remains mixed. Gold prices are trading above their 20-day moving average but still far below their 100-day as this market remains extremely choppy as all the interest lies in the S&P 500 and the equity markets which hit all-time highs once again this week. Interest also lies in the Bitcoin cyber currency phenomenon, however that currency was down $6,000 this week as trading began on Sunday night at the CME. The U.S. dollar has experienced extremely low volatility over the last several weeks lending very little influence on gold prices, and I'm advising clients to avoid this market as we will see what 2018 brings. I'm not sure where prices are headed at the current time. In my opinion, I still think the path of least resistance is to the downside as we might retest recent lows around 1,238 as political tensions with North Korea have eased over the last several months. This is basically a technical trade at this time so look at other markets with a better potential and a much stronger trend as this market keeps flip-flopping on a daily basis which is difficult to trade successfully.
TREND: MIXED
CHART STRUCTURE: SOLID
VOLATILITY:LOW

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.

Crude Oil Futures

Crude oil futures in the January contract settled last Friday in New York at 57.36 a barrel while currently trading at 57.16 unchanged for the trading week as we enter the holiday markets which experience low volatility. I'm not involved in this market, and I had a bullish recommendation over the last couple months getting stopped out when prices hit the 2-week low. I am now sitting on the sidelines waiting for another trend to develop, but for the bullish momentum to continue we have to break the November 24th high of 59.05 and for the bearish momentum to continue we have to break the December 7th low of 55.82. Crude oil prices are trading right at their 20-day but far above their 100-day moving average as we still are in a longer-term bullish trend with strong worldwide demand for crude oil and the energy sector as a whole continues to keep prices near contract highs. Volatility in crude oil will certainly expand once 2018 comes about and I see sideways action for the rest of 2017. However, with worldwide economies improving, especially in the United States as the tax cuts certainly could spur demand next year, I think we could be probably trade in the $70 range at this time in 2018.
TREND: HIGHER - MIXED
CHART STRUCTURE: SOLID
VOLATILITY:LOW

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.

Crude Oil Futures

Crude oil futures in the January contract settled last Friday in New York at 58.36 a barrel while currently trading at 57.27 down about $1 for the week. I was recommending a bullish position from around the 53.15 level getting stopped out earlier in the week around 56.20 as prices hit a two week low as that is my exit strategy if I have a bullish position. Crude oil prices are still trading right at their 20-day but above their 100-day moving average as the trend is mixed to higher in my opinion as heating oil and unleaded gas are both ending the week sharply higher as strong demand continues to push prices near contract highs. The commodity markets, in general, this week saw some significant selling to the downside including crude oil over the last couple of days, and I think a lot of this is just year-end selling as my only trade recommendation at the current time is a bullish position in cotton as many trends are mixed. However, I do believe when we enter 2018 bullish trends across the board will come back as the U.S. economy certainly is improving. Volatility in crude oil has started to accelerate which is not surprising in my opinion, and I think volatility in all of the commodities is going to expand significantly next year as that has been the problem in 2017. We experienced have low volatility across the board including the stock market despite the fact that we are at all-time highs so sit on the sidelines & let's wait for another trend & the risk/reward to become in your favor once again as I still think higher prices are ahead.
TREND: MIXED - HIGHER
CHART STRUCTURE: SOLID
VOLATILITY:INCREASING

Continue reading "Weekly Futures Recap With Mike Seery"