Both Gold and Silver are at present above today’s Neutral Zones; the other six BEGOS Markets are within same, and session volatility is light. By correlations amongst the five primary BEGOS components, the best currently is positive between the Euro and Gold. At Market Trends, the Bond’s linreg has rotated from positive to negative, as has been the case for Oil since 23 July; the balance of the BEGOS bunch still sport positive linregs with fairly firm “Baby Blues” for trend consistency. Q3 commences with the “live” (futs-adj’d) P/E of the S&P 500 at 42.5x and the yield 1.283% vs. 4.498% on the risk-free 3mo U.S. T-Bill. The Econ Baro looks to September’s ISM(Mfg) Index and August’s Construction Spending.