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

Tuesday | June 23, 2020

Hello Eizell.




Despite people seeing the minis closed up +50 points on the day, that is not a true indication of how the day went. It was a quiet day, and very typical of what we have been seeing for weeks.

We opened slightly lower on bad news, and bounced back to the unchanged line (SPX and DOW). Again, like the previous days, it all happened within the first 90 minutes. From there, fund mangers sold travel stocks and bought technology stocks.

FAANG stocks jumped while travel stocks (cruise lines, airlines, etc.) fell. AAPL closed up 9.15 at $358.87 (+2.6%).


TODAY: June 23

TODAY – Probably higher.

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

Last month, I stated THE CHINA COLD WAR STARTED. A lot of what is going on is not reported as we are dealing with much more important news headlines. Why worry about a cold war that could go hot when we can watch anarchists (or are they peaceful protesters setting fires?) pulling down statues on top of themselves? If only they learned about gravity and physics in school, some would still be alive.

They would also find the humor and irony in call the police for help in their little “police free zones”.

Last evening, the futures took a large drop when Peter Navarro stated that the trade deal with China was dead. He came back later to clarify his statement, so the minis jumped back to unchanged, but......

This is foreshadowing of what we will see after the elections. It is unlikely Trump pushes China too hard until November 3rd, but what if China pushes first?

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
(-3.50% so far)

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Didn't they criticize Trump for his fence?



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