Copper Futures Continue Bullish Momentum

Copper Futures

Copper futures in the March contract settled last Friday in New York at 2.8135 a pound while currently trading at 2.8455 up over 300 points for the trading week continuing its bullish momentum. The housing market is on fire at the current time following the U.S. economy, which continues to accelerate to the upside.

I am keeping a close eye on a bullish position as I'm currently not involved. Still, I'm certainly not recommending any type of bearish position as that would be counter-trend trading, which is very dangerous over time. However, if you are long a futures contract, I would continue to place the stop loss under the 10-day low standing at 2.76 as an exit strategy.

If you have been following any of my previous blogs, you understand that I'm very bullish the U.S. economy, as that will be a bullish factor for copper prices ahead. I will take advantage of any price to buy in next week's trade, therefore, taking advantage of lower prices while also lowering the monetary risk, so keep a close eye on this market. I think prices could crack the 3.00 level in the coming weeks ahead as the risk/reward would be in your favor if that situation occurred.

TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW

Platinum Futures

Another wild trading session in platinum as prices are up another $23 an ounce at 1,024 after settling last Friday in New York at 986 up about $38 for the trading week as prices are right at a two year high. The precious metal sector is higher across the board once again, continuing its bullish momentum. Continue reading "Copper Futures Continue Bullish Momentum"

Weekly Futures Recap With Mike Seery

10-Year Note Futures

The 10-year note futures in the March contract settled last Friday in Chicago at 129/12 while currently trading at 129/03, experiencing a wild trading week with large price swings daily. In Wednesday's trade, prices traded as high as 130/06 before selling off rather dramatically as tensions with the country of Iran simmered down.

However, I will be recommending a bullish position if prices close above 129 /14 while then placing the stop loss at 127 / 29 as the risk is around $1,500 per contract plus slippage and commission. In my opinion, I do not think the Federal Reserve will not raise interest rates in 2020. That is a fundamental bullish factor towards higher prices ahead, coupled with the fact that the risk/reward is in your favor as volatility certainly has come to life. I don't think the problem with Iran is over with yet as there will be more skirmishes down the road.

If you take a look at the daily chart, the 10-year note has bounced off the 128/00 level on a half a dozen occasions as the yield is 1.82%. I think we can head back down to around the 1.50% level as you have to remember many countries around the world still have negative interest rates, so look to be a buyer.

TREND: MIXED - HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: INCREASING

Silver Futures

Silver futures in the March contract settled last Friday in New York at 18.15 an ounce while currently trading at 18.15 unchanged for the trading week, however, that doesn't tell you the whole story as in Wednesdays trade prices went as high as 18.89 before selling off on tensions with the country of Iran which have seemed to settle down.

I have been recommending a bullish position from around the 17.45 level and if you took that trade continue to place the stop loss under the 10-day low with now stands at 17.81 as an exit strategy as the chart structure is outstanding. Currently, I also have a bullish platinum recommendation as I took profits on the gold trade last Sunday. Still, I do believe the entire precious metal sector is headed higher as the tensions with Iran could resurface in a New York minute as that would send prices even higher, so stay long as the risk/reward remains in your favor. Continue reading "Weekly Futures Recap With Mike Seery"

Pendulum Swing #9: Palladium Vs. Gasoline

2020 has kicked off, and it is time to see where the earlier Pendulum swing #8 has stopped to check if it worked properly. To remind you, we had pitted gasoline against natural gas and below are your bets for that experiment.

Gasoline

Bingo! The majority of you bet it right choosing Natural gas as a winner, and as you can see in the next chart that it has lost 5.42% as gasoline has dropped more than 10% to top the losers’ camp. I want to express my gratitude to those who chose the experiment success option for your trust! So, after the earlier failure in the first half of 2019 (7th swing), the Pendulum experiment is back on a winning track! We got only 2 failures out of 8 experiments now. Let’s push it again and see what happens.

Half Year Futures Performance (Second Half Of 2019)

Gasoline
Chart courtesy of finviz.com

The regular champion and the buzz maker palladium has topped the chart again for the past half of the year as it scored the most with more than 24% gain. On the other side of the scorecard, there is the former champion gasoline, which failed to perform in the earlier contest. Continue reading "Pendulum Swing #9: Palladium Vs. Gasoline"

Weekly Futures Recap With Mike Seery

Orange Juice Futures

Orange juice futures in the March contract is currently trading at 101.35 after settling last Friday in New York at 100.55 up slightly for the trading week still experiencing very low volatility.

I have been recommending a bullish position from around the 103.30 level, and if you took that trade, continue to place the stop loss under the multi-year low, which stands on December 6th at 97.90 on a closing basis only as the proper exit strategy. Volatility should start to expand to the upside as we enter the volatile winter season for the State of Florida, which could produce a frost that would decimate the orange crop, sending prices sharply higher. However, the 7/10 day weather forecast has ideal weather temperature, as that is why prices have been stuck in the mud. Juice prices are trading above their 20-day but still below their 100-day moving average as the trend is mixed at the current time, but I still do believe that the risk/reward is in your favor to take a bullish position.

I also have a bullish cotton recommendation as we were stopped out of the sugar trade yesterday as I still do believe the agricultural markets are amid bullish trends as I think the downside is limited, so stay long.

TREND: MIXED
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW

Gold Futures

Gold futures in the February contract is sharply higher this Friday afternoon as the United States killed the number 2 leader of the country of Iran sending shockwaves throughout many sectors today. That sent gold up $23 at 1,552 an ounce after settling last Friday at 1,518up about $34 for the trading week. Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

Gold Futures

Gold futures in the February contract is currently trading at 1,516 an ounce after settling last Friday in New York at 1,480 up about $36 for the trading week hitting a 7-week high as the commodity markets are starting to follow the S&P 500 to the upside.

I have been recommending a bullish position from around the 1,495 level if you took that trade continue to place to stop loss under the 10-day low standing at 1,474 as an exit strategy as the chart structure will also improve next week as the risk will also be lowered. Gold prices are trading above their 20 and 100-day moving average telling you that the trend is to the upside with the next major level of resistance on the daily chart at 1,525 / 1,550 as that could possibly be tested in next week's trade. Gold is trading higher for the 4th consecutive session as

I also have a bullish silver trade as I think the commodity markets in 2020 will have a significant rally to the upside as historically speaking, prices look cheap. The U.S. dollar is hovering right near a 4 month low as that is a bullish factor towards higher gold prices as this is the 1st time in a while that the precious metals and stock market are moving higher in unison which is a terrific thing to see so stay long.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE

Silver Futures

Silver futures in the March contract settled last Friday in New York at 17.22 an ounce while currently trading at 18.01 up for the 6th consecutive session hitting a 7-week high.

I have been recommending a bullish position from around the 17.45 level, and if you took that trade, continue to place the stop-loss at 16.56 as an exit strategy. The U.S. dollar is trading right near a 4 month low as that is a fundamental bullish factor for the entire precious metal sector in the coming weeks ahead. Continue reading "Weekly Futures Recap With Mike Seery"