25 January 2024 – 09:12 Central Euro Time

With the first peek at Q4 GDP in the balance, (estimated to be at best half that of Q3), the BEGOS Markets are quiet, all eight components at present within today’s Neutral Zones; volatility is very quiet, with only the Bond having thus far achieved even 40% of its EDTR (see Market Ranges). Nonetheless, money in recent days has really been pouring into the S&P (see the MoneyFlow page) suggestive of still higher levels near-term, (as skeptical as we are more broadly given the “live” P/E of the S&P now 50.2x); but as folks ’round here say, “Earnings no longer matter”; (until they shall). Included as well for the Econ Baro today are December’s Durable Orders and New Home Sales.