24 July 2023 – 09:06 Central Euro Time

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.