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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 in the December contract settled last Friday in New York at 1,274 an ounce while currently trading at 1,284 up about $10 for the trading week and right near a four week high. I will be recommending a bullish position if prices close above 1,290 while then placing the stop loss under the 10-day low standing at 1,269 risking $2,100 per contract plus slippage and commission as the chart structure is outstanding due to very low volatility. Gold prices are trading above their 20 & 100-day moving averages as the trend is to the upside and I am also looking at entering into a bullish silver position as the U.S. dollar is near a four week low helping push prices up here in the short term. Gold prices have gone nowhere over the last month or so with extremely low volatility, and I don't think that's going to last much longer so keep a close eye on this market to the upside. If you have been following any of my previous blogs you understand that I am bullish the commodity markets as they are very cheap compared to the U.S. stock market and I think the volatility will be to the upside not to the downside as demand will start coming back into these products.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
Continue reading "Weekly Futures Recap With Mike Seery"
Hello traders everywhere. Tax Reform has taken center stage this week as the House approved its version of the legislation. We now wait on the Senate who is still debating its own plan.
I feel like the market is uncertain about the tax bill's ability to move to the next stage of approval, thus letting some volatility enter the picture as indicated by the VIX and the recent market action over the past few days. The VIX hit it's highest level since August.
Elsewhere, bitcoin is hovering just under $8000. Crude oil jumped to $56 a barrel as Saudi Arabia, and OPEC moved to dispel doubts over Russia's readiness to extend output curbs. The Japanese yen gained the most in more than two months against the dollar and the emerging market shares headed for the highest close in six years.
Key levels to watch next week: Continue reading "Stocks Dip On Tax Reform Concerns"
Hello traders everywhere. Bitcoin (CME:BRTI) is staging a comeback today recovering more than $1,000 after losing almost a third of its value in less than five days as traders started buying back the volatile cryptocurrency.
The drop started mid-week last week with Bitcoin falling to a low of 5,645.66 on Sunday culminating a 5-day streak of losses. As trading opened today, Bitcoin rose as much as 14% before backing off the highs in afternoon trading.
Most traders believe that the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called "fork." A move that had initially had a positive impact, sending it to a record high of $7,823.46 on the view that this marked a resolution of a long-term dispute.
But some were disappointed that "Segwit2x" fork had been abandoned. It would have increased the capacity of the "blocks" transactions are processed in, thereby reducing competition to get payments processed and lowering transaction fees.
Key levels to watch this week: Continue reading "Bitcoin Fights Back"
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 in the December contract settled last Friday in New York at 1,269 an ounce while currently trading at 1,285 up about $16 for the trading week holding major support on multiple occasions around the 1,264 level as it looks to me that a possible rounding bottom might be taking place in this commodity. I am not involved in gold. However, I am looking at a potential bullish position as prices are right near three-week highs with excellent chart structure; therefore, the monetary risk is relatively low for such a volatile commodity. Gold prices are now trading above their 20 & 100-day moving average telling you that the short-term trend is higher and I do have a bullish bias in silver as that commodity looks very cheap at the moment. Keep a close eye on gold as we could be involved in a bullish position in next week's trade. Gold prices have held support in recent weeks despite the fact that the U.S. dollar is at a three month high & if that trend should reverse and start to move lower that would be a positive fundamental situation towards gold prices. I still think many of the commodity sectors are underpriced as I will not take any short positions as we head into 2018 as the volatility in gold remains remarkably low as we have gone nowhere over the last six weeks. However, I think a trend to the upside is looming.
TREND: MIXED
CHART STRUCTURE: EXCELLENT
VOLATILITY: low
Continue reading "Weekly Futures Recap With Mike Seery"
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