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 in the May contract settled last Friday in New York at 15.40 an ounce while currently trading at 15.16 down about $0.24 for the trading week bouncing off of major support which was also right near a three month low. I don't have any precious metal recommendations as silver continues to remain in a choppy chart pattern as we are now trading under their 20 and 100-day moving average as the trend has turned to the downside. However, I do believe the downside is limited. The U.S. dollar is right near a two year high this week as that is what has put pressure on silver and the entire precious metal complex as there are very few strong trends out of the commodity sectors at this time. If you are long a futures contract, I would place the stop loss under today's low as an exit strategy of 14.95 because if that level is broken, you do not want to have any type of bullish position in my opinion.
CHART STRUCTURE: SOLID
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