The Swiss Franc, Gold and Silver all are at present above today’s Neutral Zones; none of the other BEGOS Markets are below same, and volatility is pushing toward moderate. Following yesterday’s record high, the “live” P/E of the S&P 500 is a futs-adj’d 40.5x and the yield 1.352%; three-month annualized U.S. T-Bill dough yields 5.240% without the risk of capital loss. An interesting Market Rhythm to mind is Gold’s 2h MACD: its last nine swings (both Long and Short) from 16 May-to-date have produced at least 12 points of signal follow-through ($1,200/cac); whilst the yellow metal both yesterday and today is having a recovery run, the weekly MACD is nearing a negative cross, in line with our recent writings being wary of near-term price retrenchment. Incoming metrics today for the Econ Baro include April’s Trade Deficit and the revision to Q1’s Productivity and Unit Labor Costs.