20 September 2024 – 08:22 Central Euro Time

The Swiss Franc along with the Metals Triumvirate are at present above their respective Neutral Zones for today; the balance of the BEGOS Markets are within same, and volatility is light. The “live” (futs-adj’d) P/E of the S&P 500 is 42.6x (+68% above its inception a dozen years ago) and the annualized yield 1.286% vs. 4.593% on risk-less 3mo U.S. dough; in the last 10 trading days, the S&P has swung from being mildly “textbook oversold” to now moderately “textbook overbought”: indeed through the 181 trading days year-to-date, the S&P has completed 113 of them (62%) in some degree of being near-term technically overbought as excess post-COVID monetary infusion ($7T) continues permeates risk-full equities. The somewhat “recovering” Econ Baro is at highest oscillative level since mid-June.