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Prepared by and Scott
Writing under the nom de plume of J.L. LORD

Wednesday | July 29, 2020

Hello Eizell.




I have watched GOOD FELLAS and PATTON at least 3 times. I could watch each again and be entertained. What does bore me is if we have another day like yesterday.

Yesterday was the 3rd day in a row where the market opened lower, climbed to unchanged and tested the 3233 line, and then fell. We had the extra benefit of the guessing game “Will we close above or below the 3233 line?”

The day went very slow and quiet for the markets despite huge amounts of earnings being released, and waiting to hear if Americans are getting another $1200 check to not work.

Despite the anticipation and build up of an action packed week, nothing happened. Traders were forced to watch CNBC talk about earnings of companies no one has heard of, or listen to Congress ask Attorney General Bill Barr questions but not let him answer them. He didn't even need to be there, which would have made it more fun to watch.


I know when I am watching Patton when a really good war scene is about to come up, but there are some boring parts. Patton doing a soliloquy reading of his poetry is when I go take a bathroom break. Yesterday was the stock market's bathroom break, BUT a war scene is coming.


TODAY: July 29


LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off – probably after the election.

I thought we could see the market move as early as yesterday, but I should have known better. Nothing with the government ever gets done until the last second – or even after that. The big names started to report yesterday after the close. Everyone is waiting on AAPL on the 30th.

I am still standing by my prediction (made December 31, 2019) that we will be positive for the year and making new all-time highs by the end of the year. I maintained this stance even when the SPX was down -36% for the year (this has been here since January 1).

S&P 500 Price Limits

From 8:30 a.m. to 2:25 p.m. CST, there are successive price limits corresponding to 7%, 13%, and 20% declines below the previous trading day’s reference price.

From 2:25 p.m. until the 3:00 p.m. CST close of the cash equity market, only the 20% price limit will be applicable.

Average year with lots of intermittent volatility
(-0.38% so far)

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Class tonight. It will be Layer Spreads Part 2.



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Trading is a tough job on a stomach void of coffee and humor.
You provide the coffee and we will take care of the rest.



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