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

Wednesday | June 24, 2020

Hello Eizell.




The day was anti-climactic compared to the night session leading up to it. During the night, Peter Navarro said that the China deal was dead, and the Minis fell hard. He later changed his words, and President Trump started to tweet, and we bounce before the open. We had an 85-point range in the MINIS at night, which is about 800 Dow points if it were open.

On the open, we had a run higher as people continued to rush into high tech stocks. AAPL was actually up over $10 at one point, but still closed up $7.46 at $366.53.

The SPX hit its resistance area of $3150 and sat for most of the day, until late profit taking caused the index to sell 23 points off its highs to close at 3131.29.

The actual trading day saw a range of only 28 points in the SPX, and it was slow moving.


TODAY: June 24

TODAY – Probably higher.

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

Probably testing 3150 in SPX again, and this time closing above it, but no strong convictions here. I was not overly impressed by yesterday's run higher, and AAPL is getting a little overdone.

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
(-3.08% so far)

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