Futures were down hard last night and are bouncing now. This will put pressure on the lower rail of the triangle today. The yen was tracing out a similar pattern and has broken through the bottom, so I'm taking it as an early warning.
In Europe today, the DAX is bouncing off its lower rail, perhaps just waiting to see how US equities open.
I still see higher and lower and feel like we're in the middle. I don't do much in the middle but scalp.
1680 and 1622 remain of interest to me. The weather is finally warm in New England. I'm patient. If I have to get tan while I sit and wait that's fine.
Today is a big day in Socionomicland, apparently. Glamping (high-end camping) is the hot new thing out in the Hamptons. I didn't know there were camping spots out there. I've never seen any while sipping martinis in East Hampton, have you?
Instead, this feels like a natural progression to desiring simplicity after a steady diet of McMansions. If enough people desire simplicity, we'll soon get it. Simple.
Scandal-minded bus tours are now available in NYC. This is significant too. Socionomist Pete Kendall says "First a trend line breaks, then a scandal breaks." Granted, the bus tours are aimed at celebrity scandals, but isn't it interesting how many there have been in such a short time: Benghazi, IRS, etc. Expect it to get much worse.
Finally, Reuters reports that Russian expressionist painter Wassily Kandinsky's masterpiece "Studie zu Improvisation 3, 1909" will shoot for record auction prices next month at Christie's in London.
"Studie zu Improvisation 3, 1909" belongs to Kandinsky's revolutionary series of paintings, started earlier that year, known as ‘Improvisations', which mark his first major forays into the realm of abstraction.
Reuters notes "The romantic image of a lone knight preparing to storm the citadel is a clear and repeated symbol in Kandinsky's art of the dawning of a new age, of the coming of the Apocalypse and of the ultimate Resurrection of the spirit that would, Kandinsky believed, inevitably follow it."