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.
Mexican Peso Futures
The Mexican Peso in the September contract settled last Friday at 5462 while currently trading at 5460 basically unchanged for the trading week while trading lower for the 2nd consecutive day down about 50 points this Friday afternoon as I am looking at entering into a bullish position come Monday’s trade. The 10 day low at the present time stands at 5305 which is risking around $900 per contract plus slippage and commission but come Monday’s trade that will be raised to 5358 risking less than $500 per contract plus slippage and commission as I will be patient and look for an entry point come Monday morning. The Peso is trading above its 20 and 100-day moving average telling you that the short-term trend is higher as I think this recent pullback in price is due to the tremendous rally we’ve had in the month of August as I still think the bullish trend is still intact. [Read more...]