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.
Copper Futures
Copper futures in the December contract are trading lower for the 8th consecutive trading session currently trading at 2.17 a pound after settling last Friday in New York at 2.24 as I've been recommending a short position from around the 2.31 level and if you took that trade continue to place your stop loss above the 10 day high which is at 2.36 as the chart structure will start to improve in next week’s trade. Prices are trading far below their 20 and 100 day moving average hitting a 6 year low as there is very little demand for this product as oversupply issues keep hampering prices to the downside as I think 2.00 is in the cards over the next week or two so continue to play this to the downside, however if you have missed this trade you have missed the boat as the risk is too high as the 10 day high is too far away so look at other markets that are beginning to trend. Continue reading "Weekly Futures Recap With Mike Seery"
