Greetings from Copenhagen. I did a beefier post on the plane, so be sure to check that out if you haven’t already. During this layover, I’ll just observe that, thanks to China saying it isn’t going to be propping up this fake boom with endless Treasury purchases anymore, markets are somewhat weak. Nothing earth-shattering (or even earth-shaking), but at least the color is right. NQ might have even put in a decent short-term top.

In spite of this weakness (which these days you never know how long will persist), the ES, shown below, is still miles away from its trendline. Markets are profoundly lofty right now, and even if we stay in an uptrend for months to come, there’s plenty of room for weakness without breaking that uptrend.

Well, time to head to Munich. Onward.