Metals Market Appears to Favor Bulls, Ira Epstein Says
Key Takeaways
- •Ira Epstein said the metals market appears to be under bulls' control, suggesting buyers currently hold the upper hand.
- •Epstein flagged the upcoming New York Empire State manufacturing report and the NAHB homebuilder sentiment index as releases futures traders watch closely.
- •Baker Hughes' weekly rig count showed an increase in oil rigs, pointing to higher U.S. drilling activity.
- •A vague memorandum of understanding with Iran has expired, and the United States continues pressuring Iran through sanctions and potential territorial claims over the Strait of Hormuz.
- •Despite power outages from a disaster in Northwest Indiana, Epstein remains committed to delivering updates and trading recommendations to subscribers while operating on a generator.
Metals Market Appears to Favor Bulls, Ira Epstein Says
Ira Epstein
Ira Epstein says the metals market appears to be under bulls’ control — trading shorthand for a market where buyers look to hold the upper hand — even as he deals with a disaster in Northwest Indiana that has left him operating on a generator because of power outages.
In his update, Epstein points to several upcoming economic indicators, including the New York Empire State numbers and the National Association of Home Builders indexes. Both are regularly scheduled releases that futures traders watch closely: the Empire State report, issued by the Federal Reserve Bank of New York, gauges regional manufacturing activity, while the NAHB index measures homebuilder sentiment. He also notes developments in oil production, saying Baker Hughes added more rigs. The company’s weekly rig count, published each Friday, is a widely used yardstick of U.S. drilling activity.
Epstein further discusses geopolitical tensions involving Iran. He says a vague Memorandum of Understanding has expired and adds that the United States continues to pressure Iran through sanctions and potential territorial claims over the Strait of Hormuz, the narrow waterway between Iran and Oman that the U.S. Energy Information Administration identifies as one of the world’s most important oil shipping chokepoints.
Despite the disruptions, Epstein says he remains committed to providing timely updates and trading recommendations to subscribers.
About the author
Ira Epstein
IraEpstein.com
LINN & Associates
Over the past 35 years, Ira Epstein has built a reputation for providing clients with easy-to-use technology and teaching traditional trading know-how. A number of the firm’s brokers have more than 30 years of trading experience. Epstein says that while technology continues to change how orders are entered, there is no replacement for having “been there and done that before.” He describes the firm’s approach as a blend of services that brings everything together.
“We provide solutions,” he says, whether through education, market information or trading platforms.
Epstein began in the futures markets in 1969. He worked his way up from the ground up as a floor runner and eventually became a floor trader. In the mid-1970s, he shifted his career focus within the industry to build both retail and commercial clientele. His customer base grew to the point that in 1984 he founded Ira Epstein & Company, a trading firm specializing in retail, commercial and self-directed discount futures trading.
He also became a leader in trading technology out of necessity, driven by increased small-lot trade volume. Epstein was among the first to embrace the Internet, which he says dramatically changed both how information is delivered and how trading takes place today.
One of the ways Epstein and his brokers showcase their work is through market-information emails and his “Futures Videos,” which can be viewed on the firm’s website, through Market Center, Linn-IraChart Software and on YouTube.
IraEpstein.com
