In a mirror from this point of the session yesterday, Copper is the sole BEGOS Market trading at present outside (this time below) its Neutral Zone; volatility is mostly light. The Spoo remains overextended at a near century-to-date extreme vis-à-vis its smooth valuation line (see Market Values), the S&P itself now “textbook overbought” through 12 consecutive days. The “live” P/E of the S&P has further increased to 37.3x as prices rise without Earnings participating at a like rate. Our sense is the “herd” believes the bottom is in; the fundamentals hardly support such, even as the Econ Baro is getting a bit of a bump ahead of slower payrolls growth due for July come Friday. For today, the Baro looks to June’s Trade Deficit.