Presently, the Euro, Swiss Franc and Gold all are below today’s Neutral Zones; none of the other BEGOS Markets are above same, and session volatility is pushing toward moderate. Amongst the five primary BEGOS components, the best correlation currently is positive between the Bond and Euro. Per yesterday’s comment, the Spoo’s “Baby Blues” (see Market Trends) are in real-time down to the +80% axis: confirmation of breaking below that level reasonably suggests a near-term run into the lower 6100s, (current price 6310); of note, the “live” P/E of the S&P 500 (futs-adj’d) is 46.5x. And ’tis a very busy day for the Econ Baro with eight metrics due, including July’s Philly Fed and NAHB Housing Indices, June’s Retail Sales and Ex/Im Prices, plus May’s Business Inventories.