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

Monday | June 8, 2020

Hello Eizell.

YESTERDAY'S CLOSING PRICES

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YESTERDAY: June 5

It was a rocket ship race to unchanged in the SPX for the year, with the market closing 1.1% from the start of the year. I took a lot of ridicule from people when I stood by my statement that we would be highs on the year despite being down 36% at the time.

All of the media was screaming an apocalyptic tale of how China, the BLACK PLAGUE, etc. were the end of the bull market. The market can shrug off any bad news as long as the Fed is cooperating and there is light at the end of the tunnel.

Friday, we saw the SPX open 54 points higher and keep running. We had trouble with SPX 3100 the previous day, and on Friday we breached SPX 3200. I really think 3500 is coming.

On the close, we settle just under another big number, which is customary the first time reaching it. Both travel and FAANG stock participated in this run, whereas we have been recently running higher with the beat down travel and bank stocks in the lead.

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TODAY: June 8

TODAY – Consolidation
LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off

The entire planet is off its medication. On Sunday, Minneapolis decided to get rid of its police department. I suppose since the city has been burned down, there really is not much left needed to protect. At a time where it is obvious that many police departments need to increase their budgets to include additional police training, NY is cutting its police budget to work on social programs (that hardly ever meet their objectives).

The markets can continue to watch the most bizarre and divided country ever while still increasing in value. (The idiots out rioting and claiming looting) and burning down buildings is a form of peaceful protest typically are not investing in the markets, nor adding much to the economy in anyway.

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.

2020 ONE-YEAR PREDICTION:
Average year with lots of intermittent volatility
(-1.14% so far)

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Separate update to come.

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