A few observations from the new gaff

Macro Man is now installed in his new house, and the Wi-fi is finally up and running. While the move itself was pretty seamless, the endeavour was not without its aggravations; Macro Man's GTI packed in on the first morning of the move, and now apparently needs a completely new engine. Somehow, he's more interested in looking for the bid for the car as-is than he is in paying the offer he was quoted.

In any event, despite his automotive travails he still managed to keep an eye on things from afar despite his lack of Internet. The following are a few of his observations on the news and price action of the past few days:

* All time highs are all time highs.more. Copper is well above where it traded the day of the Brexit vote. USD/JPY has retraced its Brexit move. US fixed income, however, has not- bond futures are nearly 8 points above where they closed on the day of the vote. Frankly, given developments in other markets and the pattern on the chart, that looks like a better short than the SPX these days.

* Japan: the triumph of hope over expectation? USD/JPY was oversold after the Brexit vote and given improved sentiment elsewhere, was probably due for a bounce. However, Macro Man would be very leery of piling on, expecting an Abenomics 2: Electric Bugaloo rally to match the original. After all, the BOJ has been going pretty much full bore the entire time, and it's difficult