BEGOS Markets’ volatility is very light thus far with just the Euro at present outside (above) today’s Neutral Zone. The S&P 500’s recovery rally off of what had been a “textbook oversold” condition has been marred by weak monetary inflow per our MoneyFlow page and notably therein the 5-day and 21-day measures; too, the overall low level of earnings support now finds the “live” P/E of the S&P at a futs-adj’d 41.4x. Looking at Market Values, deviations which stand out (in real-time) are the Bond being nearly +5 points “high” above its smooth valuation line, the Euro nearly +0.02 points “high”, and Gold +103 points “high”, the latter putting in quite a narrow week (with today in the balance); more of course in tomorrow’s 770th consecutive Saturday edition of The Gold Update. The Econ Baro looks to August’s UofM Sentiment Survey, plus July’s Housing Starts/Permits. And ’tis the final day of Q2 Earnings Season, which has been above-average by year-over-year comparison, but as noted broadly is weak given the sky-high price of equities.