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

Friday | September 18, 2020

Hello Eizell.

YESTERDAY'S CLOSING PRICES

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DAYS UNTIL ELECTION = 45
Days First Debates = 10

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YESTERDAY: September 17

SPX 3357.01 -28.48 (0.84%)

The market fell prostate on the open last night as the world and America sold stock shares on the open. The cause: THE FED – specifically Jerome Powell.

Actually, the market liked the Fed FOMC meeting minutes when they were released on Wednesday. After the minutes of the meeting were released, the market ran higher until Powell took the stage. As Powell spoke, the market got heavier and heavier until it broke.

YESTERDAY

Yesterday was the continuance of the fall that was saved by the closing bell on Wednesday. The last of the fall came in a selling deluge on the open. After the morning sickness puke, the market staged a run toward the unchanged line but after 90 minutes, the market ran out of steam. There was just too much negative news from the people who were bullish last week.

With another drop down to the 50-day Moving Average, the market decided it was safe to stay on the north side of the line, and gained back half of the losses by the close. AAPL closed down slightly, but didn't fall out of bed as has been the trend. AAPL actually got close to being unchanged for a while when the SPX was at its highs. The SPX closed down -28.48 points (-0.84%) and AAPL closed down -1.79 (-1.60%).

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TODAY: September 17

TRIPLE WITCHING WEEK

TODAY Not testing 3400 this time, but possibly higher on the day.

The E-minis are down -9 right now. A betting man would make the bet that tomorrow the market is lower. As for me....I don't put too much weight in the night trading session, at least until 2am Chicago time when more overseas markets open. I am guessing we close higher on the day. We will see. It is a tough call.

NEXT BIG DAYS:

Sept 29 – Presidential debate #1
October 15 – Presidential debate #2
October 22 – Presidential debate #3

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.

2020 ONE-YEAR PREDICTION:
Average year with lots of intermittent volatility
(+3.91% so far)

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AM class starts 45 minutes before the market opens, which is 7:45am Chicago time.


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Really quickly...

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LAUGH OF THE DAY

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.

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