Drive-By Payments, Euro CPI, Market Targets & The New Black

How would you like to get run over by someone buying something from Amazon? Me neither.

As life slowly becomes more and more about things, it's humorous to see people bitch about others with "too many" things. The Filthy Rich.

The irony is that today's installment comes from Bloomberg, owned by multi-billionaire Michael Bloomberg, who had such fun telling New Yorkers how to live (No, you can't have a large soda) that he seems to want to use his financial news service to influence opinion on social issues too.

The 1% May Be Richer Than You Think, Research Shows

"The 1 percent is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality," is the article's opener.

Nowhere in the article was any mention of central banking or the Federal Reserve's policies. Rather it seemed content to focus on stirring up negative emotions such as jealousy and hatred.

I don't care about how rich the rich are. Rich people have no influence on my success or failure.

Meanwhile, at the ECB press conference, Draghi just said the ECB "will maintain a high level of monetary accommodation," doing anything it can within its mandate to bring inflation rates below 2%.

Except that Euro-area all-item CPI has just plunged below .5%, thus making Draghi sound a bit disingenuous. “We are not seeing this sort of [deflationary] phenomena at this time,” he said.

Deflation is a central banker's worst nightmare because it exposes their utter powerlessness.

Futures appear slightly disingenuous this morning as they were sharply higher but have since dropped sharply from their highs. Whatever, they're higher.

Two things I'm watching out for are that the S&P continues to drift lower in a bullish falling wedge to around the 1900 area and thus completes a fifth wave lower. Or, it pops higher today -- higher than many expect. 1942.92 is the first target, but there is a juicy volume shelf around the 1965-1967 area too.

The September issue of Elle (UK) is out, and contains the standout socionomic line HAPPY IS THE NEW BLACK.

Think about that one. There is so much in it that it needs time to settle.

I hope September Vogue 2014 is just as fruitful. Stay tuned.