Silver is at present below its Neutral Zone for today; the balance of the BEGOS Markets are within same, and volatility is mostly light. The S&P and Spoo appear as suspended in air: as we shared with our colleague here last evening, “There are no stock market positives anywhere: NONE.” ‘Tis all rather surreal, yet it reminds us of how “influential” the FinMedia can be (recession over, inflation stopped, climate change solved), and money managers seemingly believe it. For the balance who think and can still do math, the S&P by any and all measures is ridiculously overextended, and becoming more so by the day, be it measured by P/E, our Market Values page, “textbook technicals”, and low yield versus that — and more saftey — in the Bond market. September awaits… The Econ Baro today looks to Jul’s Housing Starts/Permits plus IndProd/CapUtil.