Whilst none of the BEGOS Markets are at present outside of their respective Neutral Zones for today, the overall tilt is negative, save solely for the Euro which is +0.1%; volatility is notably light. The Gold Update anticipates price struggling a wee bit this week as the Fed looks on Wednesday to raise their FundsRate +0.25%. Again emphasized is the vast overvaluation of the S&P 500: indeed comparing year-over-year price to the cap-weighted P/E, the imputed level of earnings for the Index as a unit is significantly lower; the futs-adj’d “live” P/E of the S&P is 57.5x. The Econ Baro again is quiet today ahead of 12 metrics due as the balance week unfolds.