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Here is yet another map, this one showing the number of cities in which a typical residence costs over a million dollars. I see my home state of Louisiana didn’t make the cut, in spite of the annual Crawfish Festival (to say nothing of the Angola Rodeo show) but my adopted home, California, is far and away the leader.
It was another good day! However, being a cautious chap, I raised cash (again!) in anticipation of the CPI result in the morning. The mere fact that I took some profits and bumped cash up to 29% probably creates a metaphysical guarantee and the market will absolutely plunge in the morning. We shall see.
In the meanwhile, resistance held beautifully. On the /ES, we have rallied mightily since the opening bell on Sunday, and we smashed right into the red line that formerly represented supporting price levels. The overhead supply in this region is an important barrier.
