The collision of global markets and social mood

Thursday, May 14, 2015

Thursday -- Christie's Big Week

ES Futures:
Overnight pop after yesterday's weird action.

Not much. But there was this to follow up the record-setting Picasso auction:

"Christie’s made history Wednesday by becoming the first auction house to cross the $1 billion mark in total art sales in one week."

Turning to Greece, finance minister Varoufakis said Greek debt needs to be "redesigned." This sounds like restructuring and debt forgiveness, two things that do not sound forthcoming.

EUR is getting headlines today for setting a three-month high. The overnight low in USD was 93.13, three ticks below the 93.16 target. Both moves look like ending patterns but will require price to reverse promptly, or nearly so. AUD appears nearing completion. GBP continues its ripping reversal higher.

Of concern is that as prices have fallen, they have done so on volume, meaning at least there might be more behind it.

WTI crude came off yesterday's high with big volume and thus has flashed another warning. NG appears prepping for another possible rally soon.

Need to add to yesterday's gold comment , "looks like it's trying to rally, but can't. Or won't." ...but did. Would have been better for bulls if it broke above 1224.50, however.

S&P Outlook:
Yesterday was unimpressive on both sides. Bulls need to rally above 2110.19. The lower 1:1 Fib extension target remains at 2059.67. And there are now two higher lows in the VIX to go with the three most recent higher highs since April. I would love a probe lower to add more longs.

Mini Travelogue:
Was out in the middle of nowhere yesterday looking for some land for sale that I never found. It was near the rain forest and was said to have a fresh water spring running year-round.

I did find this when I drove past a tiny little place nearby called Antojito's, which means "little cravings." I was craving lunch and saw the words pollo guisado on a chalkboard outside and skidded to a stop. Always glad when the brakes work so well.

Amazing, soulful flavors.
Got back to San Juan and headed up to Old San Juan. See something new there every time.

Who needs Christie's? Art is everywhere.

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