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

Wednesday | April 29, 2020

Hello Eizell.




There was a lot of strength on the open with the SPX opening 42 points higher, hitting a high of 2921.15. Last week, we saw the market struggle for three days at 2800 before finally closing above it, and this week seems like 2900 is the number.

The height of earnings season is starting with noone having any idea how some of these companies will report. Sure, we know AMAZON will do well in this environment, but how about McDonald's? Worse yet, how will Victoria Secret see its numbers when no malls are open?

Airlines and travel did exceptionally well yesterday as parts of the country are readying to open—at least partially. American Airlines (AAL) was up 12.38%, Carnival Cruises (CCL) was up 11.4%, Jetblu (JBLU) was up 11%. Hotels and casinos were positive, but fared much less.


TODAY: April 29

Now is the hardest part of this virus trading—maybe. We have got past the first half of the virus move and are entering the second half.

Yesterday, the market closed marginally lower; however, there is still a lot of strength in this market. I would not be surprised to see us near 3,000 in the SPX and 25,000 in the Dow by next week.

The USO will split 8:1 today.


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 inter42mittent volatility
(-11.37% so far)

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