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 March contract settled last Friday in New York at 33.62 a barrel while currently trading at 31.62 down about $2 for the trading week stuck in a sideways trend at the present time. Crude oil prices are trading above their 20 day but still far below their 100 day moving average telling you that the trend is mixed as prices in my opinion are bottoming out, but at this point the market trend is sideways as a true breakout to the upside is above 34.82 as the chart structure is starting to improve so keep a close eye on this market, but avoid and look at other sectors that are beginning to trend. The U.S dollar has entered a bearish trend in my opinion and that has been supportive crude oil in recent days while also pushing up the precious metals which hit a 3 month high which is always a good sign as the commodity markets move hand-in-hand over the course of time which could be supportive crude oil here in the short time. [Read more...]