23 January 2024 – 09:22 Central Euro Time

Dollar weakness is translating this morning into strength for the BEGOS Markets: save for the Bond, the other seven components are higher, the EuroCurrencies and Metals Triumvirate all above their respective Neutral Zones for today; volatility is mostly moderate. With Silver’s -2.4% loss yesterday, the Gold/Silver ratio has moved above 90x (currently 90.5x) for the first time since 10 March. As for the Spoo, by Market Values ’tis at present +124 points above its smooth valuation line; the S&P 500 itself has begun a new “textbook overbought” series. Q4 Earnings Season thus far remains dismal: of the 33 S&P 500 companies having reported, still only nine (just 27%) have bettered their bottom lines from Q4 a year ago.