Gold is the sole BEGOS Market at present outside (above) today’s Neutral Zone; session volatility is again very light. That notwithstanding, Tuesday’s +1.1% gain for the S&P 500 now places the “live” P/E (futs-adj’d) at an amazing 48.7x: ’tis double what might be considered an acceptable modern-day norm, and triple that taught in B-school for the norm during a bull market; again, the +$7T printed to counter the negative effects of COVID fungibly found its way into the S&P, the market-cap for which increased by same. True, risk-free U.S. debt is yielding triple that of the S&P’s paltry 1.234%, but risk-full stocks remain the “sexy” place to be; mind too our S&P 500 “Valuations & Rankings” page. The Econ Baro wraps its week today with last Saturday’s Initial Jobless Claims.