Hanging tough after yesterday's weak close.
Allow me a small detour today before my parents and I head to Palm Beach. Palm Beach is very dear to them because of dear friends there. I have no real connection to it other than my great uncle who lived there years ago, whom I never met.
My Dad has often said that I remind him of his uncle. He was single, he liked the ladies, and he traded stocks. Apparently, he had vision, too. Concerned by the rumblings from Germany in the early '30s, he loaded up on Curtis Wright and Remington shares, made a bundle, and retired to Palm Beach. Right on the Ocean.
We're visiting the exact location today. I simply want to touch the ground where he lived. He's in my blood.
I never met his brother (my grandfather), either. My relocation to the Caribbean was a first step toward carrying on something that both of them held dear, the rebirth of their father's (my great-grandfather's) spice company that was lost in the depression.
This connection may be where I get my love for travel and for food -- in other words, there could be spice in my blood as well.
Last night I was flipping through Palm Beach County at 100 and found some fascinating tidbits. Times never change.
"How heady were the boom years in Palm Beach County?
Look at the numbers: In five years, from 1920 to 1925, West Palm Beach's
property value increased five-fold, to $61.7 million.
In Boca Raton, buyers rushed to grab the first lots offered for sale there
in May 1925 and set a sales record: $2.1 million in one day."
Loved this one. Classic.
I AM THE RENDEZVOUS OF THE RICH
EACH PASSING DAY SEES A NEW ERA IN MY EXISTENCE
I AM THE DREAM OF A GENIUS
THE MATERIALIZATION OF A MAGICAL MIRAGE
I AM THE SUN PORCH OF AMERICA
I AM BOCA RATON IN 1927
~From a Mizner Industries brochure promoting
Addison Mizner's Boom-era developments in Boca Raton
Mizner filed bankruptcy that same year.
Other data reminded me of Private Equity's foray into real estate just before 2007:
West Palm Beach's property value at boom high of $89 million.
West Palm Beach's property value plummets to $41.6 million.
West Palm Beach's property value hits bottom at $18.2 million.
That's a 79.55% decrease, peak to trough.
Anytime JPY gets stronger, I notice. Today is one of those days. I think USDJPY could eventually test the lower 117s before making a run for slight new all-time highs.
Prices are bid across the curve this morning.
WTI crude remains stalled at the 23.6% retracement. Whether it's stall speed or a simple rest remains to be seen.
Stall speed seems more descriptive of gold & silver.
Google may have become the new canary last night. Advertising is the first to get slashed in a downturn. It makes sense that Google would be the first to see it. This could turn out to be an important leading indicator.
Meanwhile, the S&P made a new all-time high yesterday after taking a breather since February. It lasted FOUR minutes.
Futures look well enough such that it's not yet doom & gloom. But it simply was not an inspiring move.
2125.40 is still open. 2091.05 is the stop I'm using.