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

Wednesday | September 2, 2020

Hello Eizell.



YESTERDAY: September 1

SPX 3526.65. The third day above 3500.

The day was like most days of late. The market opened, then climbed a little. Most of the day was spent in a tight range chopping around until the close. On the close, the market bounced higher by another $10 E-mini points. It is almost as if people are short every day, and wait until the close to cover/close.

I suspect it is more about having to buy because too much cash is on the sidelines. They wait all day for a drop that doesn't come, and buy a chunk on the close.

Some people are NOT going to like this next one. I don't care.

It is not secret that I didn't care for Obama in his first run. I will never like a guy regardless of color if he never had a job in his life. If he has not run a kool-aid stand, how do we expect him to run the largest corporation in the world – the US?

Despite my preference for his adversary, I said that he would win and that the markets would go higher. I am saying that again. Despite the media saying Biden is going to win, Trump is going to win in a landslide and the markets are liking his low tax, low interest rate policies. Joe Biden is a wind sock which moves anyway he is told, and plans to raise taxes and come down hard on Wall Street.

The market is making a big bet Trump is going to win, (not the media, or Antifa, or anyone else) and they are placing their bets already. This too is a portion of why we seem to be going up every day. I am surprised how strong it is, but get use to it, regardless of pessimism that it is too strong.


TODAY: September 2

TODAY – STILL STRONG and getting stronger.

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).


Well, we know where support is now, 3500 is the first stop and 3485-ish is the next stop. We might not get there for a while, though. This market is so strong it is not funny. I have not seen this kind of strength (other than when bouncing off a low) since 1999. We all know how that ended.


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.

Average year with lots of intermittent volatility
(+9.15% so far)

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