01 November 2022 – 09:21 Central Euro Time

All eight BEGOS Markets are at present trading above their respective Neutral Zones for today, (thus obviously the Dollar is down); volatility is already moderate-to-robust, which at this hour a day ahead of an FOMC Policy Statement is a bit unusual. For the primary components by Market Values (real-time deviations): the Bond is some 5 points below its smooth valuation line, the Euro a point high, Gold 30 points low, Oil nearly 4 points high, and the Spoo 185 points high. Specific to the S&P, it has registered five consecutive days of being “textbook overbought”; the “live” P/E is 34.5x, and now through the halfway point of Earnings Season, only 58% of constituents have improved their bottom line over Q3 of a year ago. The Econ Baro looks to October’s ISM Index and September’s Construction Spending.