Both the Bond and Copper are at present above today’s Neutral Zones; none of the other BEGOS Markets are below same, and volatility is light. The rally in the Spoo nonetheless still finds it by Market Values (in real-time) as -223 points below the smooth valuation line; the S&P 500 itself is now 11 days “textbook oversold” even as the Index gained +2.3% yesterday. With one week remaining in Q2 Earnings season, 424 S&P constituents have reported of which 70% bettered their bottom lines of Q2 a year ago: that is a wee bit better than average year-over-year improvement; however, the big bane for the S&P is its excessively high P/E, the “live” (futs-adj’d) reading at 39.7x. Gold remains down for the week, although now at 2457, price is well off the intraweek low of 2404; by its Market Profile, 2435 is the yellow metal’s key trading support by volume; tomorrow brings our 769th consecutive Saturday edition of The Gold Update.