Weekly Futures Recap W/Mike Seery

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"