Morning Walkabout

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I live a stone's throw away from the Stanford University campus. I was there with my son this morning, and I strolled around on my own in search of a good mocha. On the way, inexplicably, I saw this painted on a wall:

0710-ben

Yep. It's Ben Bernanke. I have no idea why. A little later, I saw that Stanford is building a grand new business school campus. It looks like the equity of my surname is about to have a major uptick for a long time to come!

0710-knight

Anyway, I've been in a broody mood all day. Looking at charts, though, the story is the same. They fall into two categories: (a) a huge, huge number of bearish setups (b) a small number of bullish setups based ONLY upon the fact they've been battered and look prone to having a brief "relief" rally (in other words, nothing truly bullish about them).

We're hosting a big party here at my house, so I'm done for the day; I'll be running around playing co-host. I hope everyone has a relaxing weekend, and although I'm sorry to hear of the heat on the East coast, I'm glad I was not a part of it! 

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