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.
Currency Futures--- Currency futures had a very solid week against the U.S dollar with the Euro currency trading higher for the 5th consecutive trading session hitting an 8 month high trading far above its 20 and 100 day moving average with the next resistance at 134 currently trading at 1.3175 up another 87 point continuing its bullish momentum despite the problems in Europe people are feeling more confident about the fact that the European problems might be over at least in the short term. The Dollar Index has been lower 3 out of the last 4 trading sessions down this Friday afternoon by about 40 points trading far below 20 &100 day moving average which is always a bearish indicator in my opinion hitting an 8 week low with the next major support at 79.20 and then major support at the contract low which was hit on September 14th of this year at 78.95 on fears that the government is going to continue to print money here in the United States which is pressuring the dollar against all the foreign currencies in recent weeks. If you look at the Canadian dollar, Australian dollar, and the Mexican Peso they are all moving higher against the dollar while the Mexican Peso is actually making contract highs but the only currency that is not gaining on the U.S dollar is the Japanese Yen which continues to fall out of bed due to the fact that the Japanese government wants a lower Japanese yen although today finishing slightly higher but made new contract lows 5 straight trading sessions currently trading at 11995 and looking to continue its bearish momentum possibly down the 105 level in my opinion over the next couple of months. Continue reading "Weekly Futures Recap with Mike Seery"
