Following yesterday’s FedSpeak-driven rallies, the BEGOS Markets begin December with moderate volatility early on; the Swiss Franc and Gold are at present above today’s Neutral Zones whilst Copper is below same. The “live” P/E of the S&P is (a futs-adj’d) 39.3x , an unconscionably high level given the positive interest rate environment: the return from the three-month U.S. T-Bill (4.253%) clearly is better than twice that of the S&P (1.617%) … and without the downside risk. The Spoo by Market Values is (in real-time) now 211 points above its smooth valuation line. The Econ Baro’s metrics parade continues and includes November’s ISM(Mfg) Index, plus October’s Construction Spending, Personal Income/Spending, and the Fed’s favoured gauge of inflation: Core PCE Prices.