A brief acknowledgement of missing the boat: last Friday (05 August) we anticipated slowing for July’s Payrolls, which instead grew, (interesting details in the current edition of The Gold Update). For today, at present all eight BEGOS Markets are inside of their Neutral Zones, and volatility is very light, Copper’s EDTR (see Market Ranges) with a 35% tracing and the only one of the bunch exceeding 30% thus far. At Market Trends, the Bond’s “Baby Blues” have further weakened whilst those for the Euro and Swiss Franc continue to appear topping out. In real-time, the Spoo’s gap above its smooth valuation line remains extreme at 319 points, the S&P itself now 15 days “textbook overbought”; the S&P’s “live” P/E is 37.1x. For the Econ Baro we’ve Q2’s Productivity and Unit Labor Costs.