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 had a volatile trading week in New York still trading below their 20 and 100 day moving average settling last Friday at 16.83 while trading this afternoon at 17.30 spiking $.50 higher on Wednesday due to the fact that the Federal Reserve basically stated that they will continue to keep interest rates low for the foreseeable future sending the precious metals sharply higher, however they are unable to sustain those levels as silver prices are currently trading lower by 10 cents. If you took the original recommendation selling at 20.44 several months back continue to place your stop above the 10 day high which currently stands at 17.72 which is only about $.40 or $2,000 risk per contract at these price levels as the chart structure has improved dramatically allowing you to place tight stops minimizing monetary risk. Many of the commodity markets continue to move lower, however the U.S dollar reacted negatively to the Federal Reserve statements helping prop up silver prices but I do think the U.S dollar is in a long-term bull trend so I still look for lower silver prices ahead so continue to place the proper stop making sure you risk 2% of your account balance on any given trade.
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