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

Wednesday | July 8, 2020

Hello Eizell.




The market apparently doesn't like going above 3185 in the SPX. For the second day in a row, the market tried to go above it (3182 on Monday and 3184 yesterday) and failed.

Yesterday, the Minis opened lower by -20 points. As has been standard operating procedure of late, all lower opens see the index go into positive territory in the morning. We eventually gained $4 points on the SPX before sellers came in, knocking the market back down.

For the rest of the day, the selling was very slow and gradual; however, we did manage to knock -$34 SPX points off of the index closing down 1.08%.


TESLA (TSLA) made a run above 1400 before closing higher by only 18.28 at 1,389. So...people want to sue Elon Musk for saying he had a buyer of the stock at $420? I think he meant $1,420. LOL. He is even selling TSLA “Shorts” that have S3XY printed on the back. For $69 (of all numbers) you would think you could buy a pair, but you would be wrong. They are sold out, and who needs underwear that says S3XY on the back more than me?


TODAY: July 8

TODAY – Hard yo say.

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

This market really hates being in positive territory. Why wouldn't it?

We have an election with dirty tricks taking place. I am not a conspiracy theorist and I don't believe in coincidences, but the people who are financing Antifa (and other radical groups) happen to be the same people who hate Trump. This means things will get goofier the closer we get to November – I guarantee it. We will also see major cities wanting to shut down again at the end of October. Anyone want to bet me real money I am wrong? I am sure it is a coincidence when it happens – oh wait...I don't believe in coincidences.

We have an uncertain economy with 80% of the companies out there unable to guess what their earnings will be. We are in a COLD WAR with China, though that is technically not acknowledged yet. Not a lot of sugar plum fairies dancing to get the markets excited. The market, however, can shrug anything off when the Fed is burning $1,000 bills to keep the economic furnace going.

It is hard to say when the market will get above 3185 in the SPX. If I were a neophyte again, I would say “we saw the top for the year”. I am not, though. I have seen the market ignore the worst things in the world. Exactly one month after 9-11, the market was above the pre-strike price, even though we were in a bear market.

So we might have some selling for a little while, but the next time we hit 3184, we will fly past it to 3200.

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
(-2.65% so far)

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Trading is a tough job on a stomach void of coffee and humor.
You provide the coffee and we will take care of the rest.

The socialists are now bragging about their GREEN NEW DEAL toilet paper that lasts a lifetime. Think of all the trees we will save!

I probably should have kept this one to myself. I will likely be banned from Twitter by the end of the day. Oh well, that just means I will get a life back.



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