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 this week had extreme volatility across the board with gold higher 4 out of the last 5 trading sessions trading up another $5 coming off of session highs on profit taking currently trading at 1,732 an ounce rallying nearly $60 dollars in 5 days as a flight to quality has happened with the stock market falling out of bed this week as investors are flocking into gold as well as the United States treasuries. Gold futures for the December contract are higher than their 20 and 100 day moving average at this point right at a two-week high just after hitting a two month low last Friday as traders pour into the precious metal once again continuing its long-term bull market and short term choppiness while silver futures were also up 4 of the last 5 trading days and at a two-week high today after nearly hitting a two month low last Friday afternoon finishing down about $.95 and is now trading above the 20 day moving average which was 32.11 currently up $.40 today at 32.60 an ounce in a sideways to choppy market and in my opinion I thought silver futures were headed lower due to the fact of slower demand but gold prices continue to push up silver prices at this point in time so I have no recommendation for silver or gold. Copper futures which I have been very bearish in all my previous blogs and still remain very bearish with copper down another 300 points at 344.30 a pound right at two-month lows hitting major support while still trading far below its 20 and 100 day moving average on economic worries overseas curbing demand which is pushing copper prices near support at this point in time. Platinum futures for the January contract are near a two-month low trading at 1, 544 an ounce up around $10 an ounce this morning basically unchanged for the trading week still trading below its 20 day moving average of 1,580 but above its 100 day moving average still stuck in a sideways trend in my opinion I don’t like trading markets that go sideways so wait for a break out occurs before I enter this market on the short or long side. Continue reading "Weekly Futures Recap With Mike Seery"
