Up modestly in follow through to last Thursday's gap lower and rally.
News:
Thought the previous Lincoln Navigator article had struck socionomic gold, but another one from Wired.com said it all.
It was loaded with accidental subtext (unintended communication) which I cherrypicked for brevity and either bolded or referred to in (parentheses):
"Closets. Staircases. Wheels the size of Manhattan apartments...It packed all of them and more into the Navigator Concept, which it showed off at the New York International Auto Show this week. And while this iteration of the humungo SUV that debuted in 1997 isn't production bound, it's a clear indicator of where Lincoln (and maybe the market?) is heading.
"It's theoretically possible people won't see this yacht-sized SUV pulling up, but they'll sure as hell notice it when the gullwing doors swing open like an albatross getting ready to take flight. For those who don't want to break an ankle jumping to the ground, Lincoln installed a deployable set of stairs we're willing to bet it stole from that guy making a full-size replica of the Titanic.
"The luxury market is getting more crowded, and Ford's reboot of Lincoln, which kicked off in late 2012, hasn't been a huge success. But there's good reason to think a redesigned, full-size SUV like the Navigator will have plenty of fans."
So let's see: an attempted comeback...an Albatross...the Titanic...and a Reboot -- words that contain an eerily similar message to that contained in The Socionomic Implications Of September Vogue: 2014.
Quite simply, maybe the Reboot isn't over.
Or, if it was over at the February lows, maybe the new all-time high that is approaching will represent a common definition of an albatross:
"a continuing problem that makes it difficult or impossible to do or achieve something."
Such as a lasting new high. Which could mean get shorty.
Elsewhere, how's this for social mood:
Marauding parents in Easter Egg hunt rampage: Out-of-control adults push children to the ground, steal their buckets and leave one four-year-old 'bloody' at chaotic free event
Parents stealing eggs from children doesn't sound too far removed from governments stealing savings from citizens.
Overall, it feels like the Lincoln and the Easter Egg Rampage net out to mixed social mood, which probably means more time needed for a true peak to build.
FX:
Modest Risk On tone thus far, but for CHF which may be signaling "hey wait."
Treasuries:
Choppy mess.
Energy:
WTI crude closed a gap and rallied, yet still appears exposed to 35. NG down in choppy trade.
Metals:
Largely flat thus far, or trying to rally if slightly down.
S&P Outlook:
Market seems not to have minded the overlap of 2024.57 that much. It has rallied well since.
Once again, all higher targets are still valid -- 2060.55-2061.23 and 2064.48-2065.25. Would look at selling these levels if met with weak internals.
2017 area and the 1977 area below still appear supportive.
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