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--- The energy futures this week experienced volatile trading especially in the January contract with heating oil finishing down 1500 points for the week which is around $6000 per contract trading below its 20 and 100 day moving average settling lower for the 5th consecutive trading session closing right around 2.9250 a gallon with the next major support at 2.80 a gallon and in my opinion I do believe heating oil prices are headed lower due to an extremely mild winter so far. There is a gap on the daily chart in the January contract at 2.90 I do believe that gap will be filled which is still about 250 points away and I do think it could head lower here in the short term. Unleaded gasoline is higher by about 90 points this Friday afternoon; however for the week were down around 100 points closing below its 20 and 100 day moving average with next major support at 2.53 a gallon which also is at a 4 month low. Continue reading "Weekly Futures Recap with Mike Seery"