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 July contract settled last Friday in New York at 46.90 a barrel while currently trading at 48.60 up about $1.70 for the trading week continuing its remarkable bullish run over the last 3 months. At the current time, I’m sitting on the sidelines in the crude oil. I did miss this move to the upside as prices bottomed out in early January around the $32 level while now trading almost at $50 in a remarkable turn of events. However, the 10 day low is too far away, therefore, risking too much money so I will look at other markets with better risk/reward scenarios at present. Crude oil is trading far above it's 20 and 100-day moving average telling you that short-term trend is to the upside as I’m certainly not recommending any type of short position as that would be counter trend trading which is a bad idea over the course of time. It will be very interesting to see if rig counts start to increase as they had been coming down over the last year, but now prices have rallied substantially so it will be interesting to see if those corporations start pumping more oil. Continue reading "Weekly Futures Recap With Mike Seery"
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