Save for Oil, ’tis a red start to December for the seven other BEGOS Markets, each one (except for the mildly negative Spoo) at present below their respective Neutral Zones for today; volatility is firmly moderate, likely pushing toward robust as the day unfolds. The S&P 500’s “textbook overbought” stance is at our “extreme” reading: indeed ’tis been overbought for 17 consecutive trading days and in total for 32 of the last 36; the “live” (futs-adj’d) P/E is presently a whopping 45.5x and the yield 1.228%; that annualized for the risk-free 3-month T-Bill is 4.373%. On Friday, the Swiss Franc’s “Baby Blues” (see Market Trends) confirmed crossing above the key -80% axis, indicative of still higher prices: currently 1.1327, a near-term push to at least 1.1442 wouldn’t be untoward. The Econ Baro begins December with November’s ISM(Mfg) Index and October’s Construction Spending.