Briefly as the BEGOS Markets are closed for today (the week getting underway tonight at 23:00 GMT), we point you to our MoneyFlow page for the S&P 500 wherein by the quarterly measure the Flow is -605 points below the Index itself; as this is a leading indicator of eventual price direction, we sense it does not bode well for the S&P as it transits into 2023, (nor does the “live” P/E of 36.4x vis-à-vis its historic mean of 22.4x). Indeed from the current edition of The Gold Update: “…the S&P 500 (3845) is +62% above its earnings valuation and … Gold (1806) is -53% below its U.S. Dollar debasement valuation…” ‘Twould appear the era of easy money is ending.