‘Tis looking lower early on for the BEGOS Markets: the Bond, Euro, Gold, Silver, Copper and Oil are all below their respective Neutral Zones for today; volatility is again light, (save for the non-BEGOS Yen which already has traced 96% of its EDTR [see Market Ranges for the BEGOS Markets]). The S&P 500 is now 28 days “textbook overbought”, the live P/E (fut’s adj’d) now an unconscionable 58.6x. By Market Values, the Spoo (in real-time) is +174 points above its smooth valuation line. By Market Trends, Silver’s surge has rotated its linreg trend from negative to positive. The Econ Baro completes its week with July’s UofM Sentiment Survey and June’s Ex/Im Prices.