15 November 2023 – 08:59 Central Euro Time

October’s CPI indeed was “center stage” (per yesterday’s comment), the headline retail level coming in “unch”. In turn the Dollar dove and the BEGOS Markets unimpededly rose. Today ahead of wholesale inflation we’ve both Gold and Silver at present above their respective Neutral Zones for today; the other BEGOS components are within same, and volatility is light. Yesterday’s S&P 500 +1.9% rise now finds the Spoo (in real-time) +216 points above its smooth valuation line (see Market Values): historically such extreme deviation leads on average to price descending by well over -100 points within the ensuing weeks such that we may soon see the S&P below where ’twas prior to the inflation data (4411 vs. now 4491); too there’s the “live” P/E of the S&P now 44.9x. Overall today for the Econ Baro we’ve November’s NY State Empire Index, October’s PPI and Retail Sales, plus September’s Business Inventories.