As we saw yesterday ’round this time, the eight BEGOS Markets are presently all within today’s Neutral Zones, with volatility very light (the average Market Ranges’ EDTR thus far just 23%) ahead of retail inflation for September. Gold from Monday’s open to Wednesday’s close is sporting its weakest down week by points since that ending 24 May, (obviously with two trading days still in the balance); but ’tis indicative of the near-term overvaluation unwinding, price in real-time now only +31 points above its smooth valuation line by Market Values. The S&P 500 set a record high yesterday at 5797: the “live” futs-adj’d P/E is now 43.8x which is 72% above its inception back in 2013, underscoring the continuously extreme overbought condition of equities, especially given the far better returns in the StateSide debt market. Included with September’s CPI, the Econ Baro also awaits metrics that include the month’s Treasury Budget.