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

Tuesday | September 1, 2020

Hello Eizell.



YESTERDAY: August 31

SPX 3500.31. The second day above 3500.

It was a very jittery, and yet, tight trading range day. The market was in a very tight range with the SPX spending most of the day in only a 5-6 point area. There was an unexpected drop of 14 SPX points on news, but that came back in short time.

The end of the day saw its usual run higher into the close, but this time they pulled the carpet and we fell. The Minis were +15 points higher going into the close, and then a last minute sell-program kicked off with hundreds of minis being offered all the way down. We finally settle at SPX 3500.31 where the market felt more comfortable.

Despite it being a slow day, very slow, the market was still choppy given its tight range. Perhaps it was adapting to the AAPL and TSLA split that took effect.


TODAY: September 1


LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off – probably after the election (This one has been here for WEEKS. Nothing changed).


Days until Biden comes up with a reason why he can't debate Trump because of, uhhhm hgmmm (clearing throat) coronavirus__?

I know 2020 has been like a psych ward, but I still maintain that you have not seen anything yet. Some people maintain that it is going to get worse because the only chance Dems have at getting Biden in the White House is to make the world so nuts we are willing to vote for anyone else. It is hard to argue with it, but it also seems a little conspiratorial.


I maintain that the month of September is always the craziest month of the year in the markets and life. We have the anniversary of 9-11 coming up. WW2 started. Huey Long was shot. Hitler took over Rome. James Dean died. That Neville Chamberlain dolt declared “There will be peace in our time”. Coward. When has there ever been peace? If I were a fortune teller I would NEVER predict peace. Some historians say he was as much at fault for WW2 as Hitler. I would be out of biz in a month.

It seems September is always riddled with strangeness.

Today, I expect us to test yesterday's highs. If that doesn't happen, we could have a small technical pull back.


Sept 29 – Presidential debate #1
October 15 – Presidential debate #2
October 22 – Presidential debate #3

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
(8.34% so far)

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