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

Thursday | June 18, 2020

Hello Eizell.




The market spent the day consolidating after a busy two weeks of large swings higher and an 1800 Dow point drop a week ago today. Serious volatility has been going on as the market runs higher.

A large amount of cash on the sidelines ($4-$5 trillion), interest rates at zero, the Fed buying corporate bonds, and hope that the worst of the virus is behind us has the market running higher despite trepidation about the state of the economy.

Yesterday, the market tried to continue its rally which kept getting knocked down by news. We had chairman Powell talking again, which caused a couple brief declines. There was also news out that Texas saw a dramatic increase in covid infections which took the Minis from a net change of +5 to -20 in a matter of minutes.

On the close, the SPX settled down -11.25 and the Dow down -170.


TODAY: June 18

TODAY – Lower

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

Thursdays of late have been weak. We also have a quad-witching expiration this Friday. We are close to a big number, actually two big numbers – 3100 and 3100.

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
(-3.62% so far)

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We did PART ONE of two parts of the LAYER SPREAD. This was VERY well received and people are anxiously awaiting PART 2 in July.



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