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

Tuesday | July 7, 2020

Hello Eizell.




The market gapped open higher again, and hit the day's highs within the first 30 minutes. This was mostly news-driven based on China telling its people to buy stocks, and the lemmings did.

The SPX hit a high of 3182.59. AAPL was on fire while trading higher by over $11 at one point, but closing up higher by 9.74 at 373.85.

TSLA was higher by 162.92 to close at 1371.58, which seems a little overdone simply by trading action. Who knows what its real value and P/E is?

AMZN closed above 3,000 for the first time at 3,057.05 (+166.74).

The market closed near its highs with the SPX up 49.71 at 3179.72 and the Dow higher by 459.67 points.


TODAY: July 7

TODAY – Hard yo say.

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

Today is a tough call after 5 days of gains in the markets. The market is ONLY 1.58% off the unchanged line for the year. The minis are lower by 9 points at the moment, indicating we should see a lower open, BUT I hardly ever believe this number. I still think we will test SPX 3200 today or tomorrow.

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
(-1.58% so far)

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A separate update coming.



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