A bit of Dollar weakness to begin “Fed Week”, the Euro and Swiss Franc (non-BEGOS Yen too) at present above today’s Neutral Zones; the balance of the BEGOS Markets are within same, and volatility is already is moderate-to-robust, the Swiss Franc having traced 108% of its EDTR (see Market Ranges). The Gold Update “apologetically” takes credit for price’s demise last Monday; further downside purely by near-term technicals is anticipated toward structural support in the 2247-2171 zone, (Gold currently is 2342). Thus far in Q1 Earnings Season, 64% of S&P 500 constituents have bettered their bottom lines from a year ago (a decent Earnings Season is at least 70% improvement), but the excessively high level of the Index hasn’t lowered the “live” P/E a wit (45.5x futs-adj’d). Given historical reversion to the P/E mean, the S&P remains, dare we say, dangerously high.