Following all-time highs yesterday for both Copper and Spoo (including the S&P 500 itself), we’ve at present all eight BEGOS Markets inside their respective Neutral Zones for today, ahead of another heavy round of incoming EconData; volatility is moderate. For the S&P, the combination of a new high and below-par Q1 Earnings Season growth has pushed the “live” P/E back above 40x, the futs-adj’d level now 40.5x; the Index is now at an extreme “textbook overbought” reading. As to the Euro, recall from earlier in the prior week our having noted per the Market Values page the currency’s having crossed above its smooth valuation line such that price by that leading indicative method could make a run toward the 1.10s: then ’twas in the 1.07s, having since traded up into the 1.09s. As for the Econ Baro, amongst today’s metrics are May’s Philly Fed Index, April’s Housing Starts/Permits, Ex/Im Prices, and IndProd/CapUtil.