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.
Silver futures in the September contract finished the week down about $.30 to close this Friday at 20.60 ending on a positive note up about $.18 closing right near session highs as the trend is now lower hitting a 4 week low so I’m neutral this market sitting on the sidelines waiting for another trend to develop, however if you are bearish I would sell at today’s price of 20.60 while placing my stop loss above the 10 day high which was on Monday’s trade at 21.32 risking around $.70 for $3,500 per contract as the chart structure currently is very solid. I’ve was recommending a long silver futures position when prices broke above 20.02 in late June while getting stopped out last week at the 10 day low as prices have broken down as the Malaysian airliner crisis has settled down as deflation currently is in the air not inflation as the U.S dollar continues to rally against the Euro currency as many of the commodity markets have been heading lower. Silver futures are trading below their 20 but still above their 100 day moving average telling you that trend currently is mixed and if you’re not looking to sell at today’s price level I would sit on the sidelines and trade another market that has a stronger trend.
CHART STRUCTURE: SOLID