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.
Cotton Futures
Cotton futures in New York this week were basically unchanged still trading below their 20 and 100 day moving average hitting 11 month lows this week settling at 77 as supplies are large and demand is low as rumors of China selling cotton reserves which they hold 50% of the world’s supply depressing prices at this time. I have been recommending a short position from 82 and continue to place your stop loss at the 10 day high if you took my advice as I do believe prices are headed down to the 70 level in the next several weeks as the bearish soft commodity markets continue to the downside. The USDA crop report came out today which was pretty neutral as prices continue to decline on weak demand as many of the commodity markets are starting to turn bearish despite the fact of the printing press continuing for some time but it is not helping cotton or any of the other commodities to the upside at this time.
TREND: LOWER
CHART STRUCTURE: EXCELLENT Continue reading "Weekly Futures Recap With Mike Seery"
