Back From Summer

Since the low of 8/31 got below the low of 8/24, I'm not sure if there might be yet another marginal low below 1397.01, but I'm currently leaning toward another rally.

Guess I should say I'll be trying to buy dips as low as the 1385-1390 area unless an extension occurs.  1354.65 remains an important stop for this scenario.

Evidently, things may be about to heat up again in Euroland.  According to IFR, investors shunned the European Financial Stability Facility’s latest bond issue, just six weeks after the eurozone’s rescue fund priced its largest syndicated deal.

A €3bn 10-year offering ended up being undersubscribed, a far cry from the €6bn five-year sold in July that attracted €8bn of orders.

I am also taking note of Breaking Up Is Hard With Traders Hooked On Deposits.  Should securities firms have to go back to raising money in the capital markets in order to fund their speculation, expect either less of it, less of a constant "bid" in the market, higher commission costs, and possibly large "adjustments" in asset pricing.

It's always sad when summer ends in New England, but it has. It was great to get out on the ocean and drive a chase boat one last time for a couple of film and photographer friends of mine. The waters of Penobscot Bay off Camden were like glass.  We hunted down every windjammer we could find and shot 'em.  Epic.

Make art not war.

As if clinging to every last summer moment and ray of sunshine, I drove home with Madder Rose and some wistful feelings, trying to prolong it as long as I could.




Or better yet: