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

Tuesday | June 2, 2020

Hello Eizell.




We started the week off slightly lower in the major indexes. Most media outlets blamed it on the riots across the country, but it is NOT that. Come on is not that tough!

The E-minis were actually higher prior to the open until news came out that China was looking to outsource their soybean purchases away from the US. They would love to spank us; however, they like to eat more. It was exactly at the time this report came out that the Minis sank.

As usual, the market opened lower and bounced. A lot of that has been going on of late. After the open, the day was VERY quiet with the market creeping higher into the close.


TODAY: June 2

MEDIUM TERM – Consolidation around 3,000, but testing 3100.
LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off

Last night, President Trump walked out of the White House to St. John's Church to view the fire. He made a quick speech and indicated that any city having issues controlling the riots can ask for help from the government.

This did NOT help the night session of the E-Minis, which at the time of this writing are down -10. I suspect we will not see much of anything today – much like yesterday. The moment we get some optimism, this market will test 3,100.

Keep in mind that the Cold War started last week, and China will be looking for headlines that will never be pleasant for the markets. There is a fair chance they might mess with Taiwan, which will send the market down HUGE, but until that happens, the huge amounts of cash on the sidelines will trickle in to the markets.

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
(-5.42% so far)

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