Yesterday’s net points gain (+208) in the S&P 500 was its third largest in history, and by percentage net gain (+5.5%) its 15th largest. At present today, both Copper and Oil are trading above their respective Neutral Zones whilst the Bond is below same; BEGOS Markets volatility however already is moderate-to-robust, (not that unexpected given yesterday’s price surge in all the components). The S&P’s gain has brought the “live” P/E up to an historically unsustainable 38.8x. The retail inflation news led to a very surprising gap up in the Spoo (some +44 points in zero seconds), even as the pace of October’s headline number (+0.4%) was the same as that for September. We shan’t rule out yesterday’s rally as a “one-day wonder” with a return to at least the 3600-3200 support zone in the balance. November’s UofM Sentiment Survey comes due for the Econ Baro.