08 December 2023 – 09:12 Central Euro Time

‘Tis StateSide November Payrolls day for the Econ Baro, and at present seven of the eight BEGOS Markets are within their Neutral Zones, the only outlier being Oil above same; the latter appears trying to firm ’round the 70 handle. Session volatility is light, (except again for the non-BEGOS component Yen which has traced 119% of its EDTR as the BOJ interest rate play continues). The S&P 500 is now “textbook overbought” through the past 22 trading days and the “live” P/E is 43.3x; however, the recent MoneyFlow deterioration has (for the moment) righted itself, indicative of money being thrown at a terrifically expensive stock market. In addition to jobs data, the Baro also looks to December’s UofM Sentiment Survey.