22 Sep ’22, 09:32 Central Euro Time:

Post-Fed we’ve the Euro, Gold and Silver all trading at present below today’s Neutral Zones; none of the other BEGOS Markets are above same, and volatility is mostly moderate. The S&P’s glide down toward its 3600-3200 support zone continues to play out, albeit by Market Values (in real-time) the Spoo shows as 233 points “low” vis-à-vis its smooth valuation line; too, the S&P is mildly “textbook oversold” such that up moves within the broader down move (as is the norm) are to be expected. Yesterday, Gold made a marginal new low (1661) for this year, the technical vacuum suggesting the high-1500s shall be tested. The Gold/Silver ratio remains historically high at 86x, (the century-to-date mean being 67x). Five-year U.S. “riskless” debt is yielding 3.7% vs. the S&P’s “riskfull” 1.7%; the “live” P/E of the S&P is 33.8x versus its lifetime mean of 22.4x. The Econ Baro completes its week today, incoming metrics including Q2’s Current Account and August’s Leading (i.e. “lagging”) Indicators.

Leave a comment