14 February 2024 – 09:19 Central Euro Time

Silver of late seems to oft be the BEGOS Markets’ sole overnight outlier: ’tis at present below its Neutral Zone for today, whilst all the other components are within same; volatility is quite light with Copper sporting the widest EDTR tracing (see Market Ranges) of just 38% to this point. As perhaps provocatively put at times year-to-date in The Gold Update: what if the Fed had to again raise rates to battle increasing inflation? (January’s “Fed-favoured” Core PCE pace is not due until 29 February). With better than two weeks still to run in Q4 Earnings Season, it remains that 4 in 10 S&P 500 constituents have not improved their year-over-year bottom lines. At Market Values, despite the -1.4% drop yesterday in the S&P, the Spoo (in real-time) is still 133 points above its smooth valuation line; the Index itself is 18 consecutive trading days “textbook overbought” and the “live” (futs-adj’d) P/E is now 47.8x, essentially double where ’twas when first established a dozen years ago.