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

Friday | October 2, 2020

Hello Eizell.

YESTERDAY'S CLOSING PRICES

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DAYS UNTIL ELECTION = 31

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YESTERDAY: October 1

SPX 3380.80.00 +17.80

The market opened just under 3400 (34 points higher) in anticipation of a possible covid relief package Trump offered at $1.6 Trillion. At 1pm Chicago time, it came out that Pelosi was rejecting Trump's offer, and was holding out for $2.2 T, with $600 billion being pork. This sent the market from +30 in the SPX to -$2.

After that, news came out that Mnuchin and Pelosi were going over the numbers again later today and tomorrow. This helped the Minis rebound to +20 where they closed.

Despite no deal having been passed, UAL and AAL laid off 32,000 employees, but the stocks were mildly higher.

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TODAY: October 2

TODAY – LOWER – MUCH LOWER

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Late in the evening, Trump tweeted that Melania and he had covid. Hope Hicks also tested positive, which sent my mind in the gutter. It also sent the Minis down by -60 after that to 3300. I was going to buy call spreads there, but the Minis options were too wide to play.

NEXT BIG DAYS:

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.

2020 ONE-YEAR PREDICTION:
Average year with lots of intermittent volatility
(+4.64% so far)

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Separate update will be sent.


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You provide the coffee and we will take care of the rest.

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