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

Friday | August 14, 2020

Hello Eizell.



YESTERDAY: August 13

The market was quiet, had a tight range and was a little choppy. This is typical market behavior the day after the market bumps up to a major resistance number – especially the all-time highs.

AAPL and TSLA have been very volatile names for the last 1-2 week. Yesterday, AAPL closed higher by $8 to close at 460.04 (a new 52-week high), and TSLA closed higher by 66.24 points at 1621.00 (+4.26%). Both of these names are going through splits shortly.

The market closed slightly lower with the Dow down by -80.12 (-0.29%), the SPX closed lower by -$6.92 (-0.20%), and the NASDAQ closed higher by 20.65 at 11178.37 (+0.19%).


TODAY: August 14

TODAY Touching record high (3393.52) by end of week.

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).

In yesterday's Morning Coffee Report, I wrote that this was what I was expecting – a slow and choppy market. We often will park just under the large number as a way point until some good news comes out. Once the market gets a decent size nugget of positive news, the new highs will be made.

I have been saying since Monday that we will make the new highs by “Friday”. Well, it is Friday, we will see if I was right. I bought a new calendar book to mark the anniversary of when I was eventually right once.

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
(4.42% so far)

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