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Weekly Futures Recap W/Mike Seery

Posted on by The INO.com Team

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.

Precious Metal Futures--- The precious metals fell out of bed this week especially gold which finished down for the 6th consecutive day trading far below its 100 day moving average all due to the fact that the U.S dollar hit another contract high today trading up nearly 70 points again today as investors are fleeing out of gold and taking that money and placing it in the U.S dollar and the S&P 500 which is hitting another record high again today. Gold futures for the June contract settled last Friday at 1,436 finishing down about $70 for the week trading at 1,362 hitting a 2 year low with a possible retest of 1,321 which was hit on April 16th of this year. Investors see no reason to own gold at this point in time when you can buy the stock market which seems to go up every single day, however the real story is large hedge funds including George Soros which have been liquidating their gold positions in recent weeks and that is also putting pressure as investors are taking money out of the ETF gold market. Continue reading "Weekly Futures Recap W/Mike Seery" →

Weekly Futures Recap W/Mike Seery

Posted on by The INO.com Team

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.

Precious Metal Futures-- The precious metals were mixed this week with silver futures getting hammered this Friday afternoon down $.56 at 28.65 an ounce down around $.20 for the trading week stuck in a 4 week sideways pattern which is unusual for silver to have this low of volatility for this long of a stretch still trading below its 20 day moving average which currently stands at 28.85 and far below its 100 day moving average which is at 31.65 with major support at $28 an ounce. Gold futures for the April contract my opinion are forming a rounding bottom trading higher than their 20 day moving average but below their 100 day moving average with stands at 1, 666 with major support at 1, 560 and the next resistance level which happened about 4 weeks ago at 1, 620 and if those levels are breached which I think could happen next week you will start to see the bull market come back while closing last Friday at 1, 593 up around $15 for the trading week. Copper futures for the May contract are still trading below their 20 and 100 day moving average finishing this week a positive note up around 300 points at 3.47 after settling last Friday at 3.52 down about 500 points for the week but coming off weekly lows which were hit at 3.40 which also created an 8 month low and I am scratching my head wondering why copper prices keep going down the housing market is doing so well if you look at lumber prices they are right near contract highs and the stock market continues to rally basically on a daily basis which I would think will start to lend support in the copper market and I do believe you should start taking advantage of these weak prices. Continue reading "Weekly Futures Recap W/Mike Seery" →

Weekly Futures Recap W/Mike Seery

Posted on by The INO.com Team

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.

Livestock Futures--- Livestock futures are under pressure today with live cattle in the April contract down another 230 points today trading at 125.70 a pound hitting a fresh 11month low trading far below its 20 and 100 day moving average and now looking to retest support at 125 which was hit on 4/27/12 and in my opinion will break those lows and possibly head down to 120 a pound. Feeder cattle prices have been plummeting in recent weeks down another 220 points in the May contract at 141.00 a pound continuing its bear market hitting a 1 year low as traders are thinking prices are still historically too high. Lean hog futures for the June contract are down 130 points 89.25 trading lower also hitting an 9 month low now looking at support around the 86-88 level with traders selling livestock futures in recent weeks and in my opinion I do believe prices are headed lower but remember to place a stop loss in case the trend turns around trying to minimize your risk because there is extreme volatility. Continue reading "Weekly Futures Recap W/Mike Seery" →

Weekly Futures Recap W/Mike Seery

Posted on by The INO.com Team

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.

Energy Futures--- Energy futures in New York today are mixed with crude oil trading far below its 20 and 100 day moving average bouncing off of 8 week lows earlier in the day but finishing near session highs at 91.82 up 30 cents with the next major support at $87 with the sequester over last weekend and major budget cuts for defense department traders are thinking that demand will be significantly less and that is the reason why you’ve  seen a $9 drop in crude oil in just a matter of weeks while April heating oil which has been in an absolute free-for-all except for Tuesdays  600 point rally but down about 50 points today currently trading at 2.97 a gallon with major support at 3.90 which has been hit 3 times in the last 6 months and rallied significantly but with the winter coming towards an end heating oil demand might start to weaken. Continue reading "Weekly Futures Recap W/Mike Seery" →

Weekly Futures Recap W/Mike Seery

Posted on by The INO.com Team

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.

Grain Futures-- Grain futures were mixed this week in a volatile trade with soybeans higher again for the 5th straight day up 28 cents at 14.83 in early trade only then to sell off tremendously to finish lower by 24 cents for the session closing at 14.31 after hitting a new 5 month high this Friday all due to the fact that the Argentina soybean crop was reduced 5% this week down from 53 MMT all the way to 50 MMT sparking massive short covering and now the large speculators getting long this market to the upside. Last Friday soybeans for the July contract settled at 13.99 having one of its best weekly gains in quite some time while corn futures are still below their 20 & 100 day moving average in the March contract settling at 6.95 last Friday basically unchanged for the trading week in a sideways pattern with major support at the 8 month lows at 6.80 and as I’ve stated in many previous blogs I am bearish the corn and wheat market and the soybean market is extremely choppy with many false breakouts including today. Continue reading "Weekly Futures Recap W/Mike Seery" →