11 Aug ’22, 09:04 Central Euro Time:

Yesterday’s stunningly zero inflation CPI headline number for July drove the Spoo up 60 points (from 4139 to 4199) in a mere four minutes. At present, ’tis at 4231, above its Neutral Zone for today, as is Copper. None of the other BEGOS Markets are below same, and volatility is again mostly light per this hour. The Spoo’s rocket-shot saved the “Baby Blues” from their dipping, and with the S&P itself now 17 days “textbook overbought”, the “live” P/E (futures-adjusted up to this moment) is 39.3x, a reminder of this Q2 Earnings Season weakness. By Market Values, the Spoo (in real-time) is 359 points above its smooth valuation line; other extended readings therein find Gold some 50 points high and Oil some 10 points low. July’s PPI comes due for the Econ Baro.

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