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

Thursday | July 9, 2020

Hello Eizell.




The markets opened higher with the SPX hitting a high of 3171.80, which was a net gain of $26.48. This had the Dow up about 200 points.

The usual winners were what were in the spotlight yesterday. AAPL led the way closing at 381.37, which was a positive gain of $8.68 on the day. AMZN closed higher by 80.99 at 3,081,11. TESLA (TSLA) was the surprise in actually closing down one day after having a meteoric rise higher of late. Shares of TSLA closed down -23.98 at 1365.88.

After the morning spike higher, the market sold off into the red with a low of the day at 3136.53. This was a net change of just under -9 points. It sat near the unchanged line much of the day before an end of day run higher took it back to the day's highs.


TODAY: July 9

TODAY – Hard yo say.

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

This is the 3rd day in a row where I have stated “Hard to say” when describing my opinion of what to expect today. The market has been choppy and unpredictable – higher one minute, and lower the next. I will say that we will likely test 3200 by tomorrow's' close once we finally make it through the 3185 ceiling we keep hitting our head on.

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
(-1.88% so far)

POT Logo

Last night, we had a class on PICKING MY SPOTS. This was a step-by-step illustration of how I place limit orders at what I want executed at a certain price when the market reaches a predetermined level. How handy is it to know where a long put spread will be trading at when the market falls the exact point of major support?



Up and Running for POT students (so far).

Really quickly...

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P.O.T. Schedule



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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