09 November 2022 – 09:08 Central Euro Time

StateSide elections remain undecided in various cases such that there’s been very little overnight movement in the Spoo, indeed in any of the BEGOS Markets. At present, all eight components are within their Neutral Zones for today, and volatility is light as best. Gold yesterday regained the 1700 handle; Silver too is back above 21. Our most notable concern is with the S&P, the “live” P/E now 33.0x — and per the MoneyFlow page — an extreme downside deviation of Flow from Price: this is a key leading indicator suggestive of material price decline in the making for the S&P, regardless if at first there is (if any) degree of post-election euphoria should Congressional power shift to the right. Today the Econ Baro looks to September’s Wholesale Inventories.