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

Wednesday | June 3, 2020

Hello Eizell.




It was a VERY slow day with the media covering nothing but the riots. They have to be loving it as it finally revives their sagging audience and ratings, so they sensationalize it. Meanwhile, the world is so stressed and forlorn that no one is doing anything and anti-depressant scripts are up 300%.

As a result nothing is going on in the markets, but it is a top being wound up. It will unwind and spin around the room big time – probably higher before it falls like a rock.

We saw yesterday what we have been seeing for the last couple of weeks – all the action in the first and last 30 minutes of the day. Yesterday saw an end-of-day rally that took the Dow up almost 300 points. The rotation from FAANG to travel stocks is still going on.


TODAY: June 3

TODAY – Ready to test 3100?
MEDIUM TERM – Consolidation around 3,000 but testing 3,100.
LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off

With the riots calming down everywhere except in cities with impotent mayors and a lack of China rhetoric, I expect the day to be bullish enough where we may get close to 3100 in the SPX. We are only down 4.6% for the year and there is a ton of cash on the sidelines, along with interest rates near zero.

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 -35% for the year.

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
(-4.64% so far)

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