Wow, it's like a soap opera!
Bloomberg now has a newsletter called "Terms of Trade" that tries to keep up with the ever-changing nonsense each morning. I read it so you don't have to but, if you ever want way too many details – have at it. I mostly ignore the noise and chime in when it seems significant but this week it seems constantly significant, unfortunately.
In yesterday morning's PSW Report, I said the S&P 500 (/ES) Futures would fall to 3,075 and they hit that pretty much on the button around 10:30. Though we illustrate the point using charts, PSW does not use or believe in TA at all – we just use our handy, dandy 5% Rule™ and the rest is just math. That math is more accurate than 100 TA guys and it only takes us a few seconds to tell you what's likely to happen (and how to make money playing it).
In fact, in yesterday's Live Member Chat Room, at 11:37, I said: "We can play /RB (Gasoline Futures) bullish again over $1.585 with very tight stops below" and, in the Morning Report, I had already predicted: "I have a feeling the White House will at least try to walk back Trump's comments before the S&P (/ES) fails that 3,000 line and 1,585 has been very bounce for the Russell (/RTY) – so it's a great place for a bullish bet with tight stops below."
As you can see from the Gasoline Chart above, we just crossed back over $1.585 early this morning and, so far, it is holding up against a weakening Dollar while the Russell (/RTY) is already back at 1,611 – up 26 points which is good for gains of $1,300 per contract already and I'd put a stop at $1,100 and be very happy with those gains (and a stop on /RB at $1.59 now, to lock in $220 per contract gains with a trailing 0.005 stop).
See – not so hard to make money in the Futures and you can join us this afternoon