Palladium Futures—Palladium futures in the September contract are currently trading at 1,540 after settling last Friday at 1,564 down about $24 for the trading week despite the fact that prices hit all-time highs in yesterday’s trade before profit-taking ensued.
I have been recommending a bullish position from around the 1,388 level and if you took that trade place the stop loss at 1,523 on a hard basis only as I’m not willing to risk further price declines. I also have bullish recommendations in copper, platinum, and the silver market as I think this is one of the strongest sectors at the present time. Palladium prices are trading far above their 20 and 100 day moving average as the trend remains to the upside, however if we are stopped out we will move on and look at other markets that are beginning to trend.
Volatility in palladium has finally come alive as historically speaking this commodity can experience large price swings on a daily basis as this Friday afternoon prices are down about $20 so don’t 2nd guess and continue to place the proper stop loss.
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If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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