22 October 2024 – 08:14 Central Euro Time

The Bond continues to work lower as yields rise, price at present below today’s Neutral Zone as is the Spoo; above same are both Gold and Silver, and BEGOS Markets’ volatility again is light. The Bond’s “Baby Blues” (see Market Trends) have not yet eclipsed above their -80% axis as the selling continues. Looking at correlations amongst the five primary BEGOS components, the best is currently negative between the Bond and Oil. The S&P 500 completed its eighth consecutive session as “textbook overbought”; the Index’s MoneyFlow, whilst coming back into line near-term, still on a quarterly basis shows the S&P as some +250 points “too high”; the futs-adj’d “live” P/E is now 44.0x, thus no substantive improvement in bottom lines relative to price as Q3 Earnings Season continues, now into its third week of six. The yield on the S&P is 1.255% vs. 4.518% annualized on risk-free U.S. three-month dough.