I always thought he's just looking at the water, with his right hand shading his eyes from the sun (because he's clearly holding it up).
A reasonable conclusion. It's a really good series, and only 26 episodes plus 1 (optional) movie. If you ever get the chance you should check it out. I'm not a big anime guy, but this show is very good. If you want the abbreviated version with only the best parts, I would recommend:
Session 5: The Ballad of Fallen Angels
Session 6: Sympathy for the Devil
Session 7: Heavy Metal Queen
Session 8: Waltz for Venus
Session 9: Jamming with Edward
Session 10: Ganymede Eulogy
Session 11: Toys in the Attic
Session 12: Jupiter Jazz (Part 1)
Session 13: Jupiter Jazz (Part 2)
Session 15: My Funny Valentine
Session 18: Speak Like a Child
Session 20: Pierre Le Fou
Session 24: Hard Luck Woman
Session 25: The Real Folk Blues (Part 1)
Session 26: The Real Folk Blues (Part 2)
But I digress ...