Passed 68-31!
That's the first thing these guys have agreed on in years. Don't get too excited – it's only the Budget they should have passed last June but anything passing in Congress is simply amazing these days. The basic bill provides $730 Billion in NonDefense funding, a $46 Billion increase over fiscal 2021, and $782 Billion in Defense funding, an increase of $42 Billion. What it does not have is funding for Covid, which had to be stripped out to make the GOP happy. That will now be a completely separate fight for vaccines, medicine and testing – despite the fact that 1,293 people died of Covid yesterday with 35,795 new infections.
As you can see from the map, the war is still raging on but the markets don't actually care about that and the indexes are up another 1.5% in pre-market action but still no 4,320 on the S&P 500 (see yesterday's PSW Report) and this week is a technical failure if we can't get back over that line and hold it.
The Volatility Index (VIX) is still at 29 so don't get complacent but Gold (/GC) has dropped back to $1,968 and Silver (/SI) is at $25.87 – both off their highs and Oil (/CL) is "only" $107 this morning and Gasoline (/RB) is down to $3.26/gal wholesale – what a bargain! Wheat is well off the highs at $1,063 – up from the usual $750 but Corn is persistently elevated at $750 – usually $600.
We picked the only commodity winner on Wednesday in our Live Member Chat Room and in our Live Trading Webinar (subscribe here so you don't miss the next one) and we're going to take the money and run at $4.75 with gains of $2,500 per contract in 2 days because it's just too much profit to risk over the weekend with all the other commodities selling off. Congratulations to all who played along at home!
Futures Trading is something every trader should know how to do but it should also be something you very rarely do. We try to only play very obvious tops or bottoms and $4.50 has been a great bottom for /NG but we've been unwilling to…
