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 were mixed this week with silver futures getting hammered this Friday afternoon down $.56 at 28.65 an ounce down around $.20 for the trading week stuck in a 4 week sideways pattern which is unusual for silver to have this low of volatility for this long of a stretch still trading below its 20 day moving average which currently stands at 28.85 and far below its 100 day moving average which is at 31.65 with major support at $28 an ounce. Gold futures for the April contract my opinion are forming a rounding bottom trading higher than their 20 day moving average but below their 100 day moving average with stands at 1, 666 with major support at 1, 560 and the next resistance level which happened about 4 weeks ago at 1, 620 and if those levels are breached which I think could happen next week you will start to see the bull market come back while closing last Friday at 1, 593 up around $15 for the trading week. Copper futures for the May contract are still trading below their 20 and 100 day moving average finishing this week a positive note up around 300 points at 3.47 after settling last Friday at 3.52 down about 500 points for the week but coming off weekly lows which were hit at 3.40 which also created an 8 month low and I am scratching my head wondering why copper prices keep going down the housing market is doing so well if you look at lumber prices they are right near contract highs and the stock market continues to rally basically on a daily basis which I would think will start to lend support in the copper market and I do believe you should start taking advantage of these weak prices. Continue reading "Weekly Futures Recap W/Mike Seery"