The Euro, Swiss Franc and Gold are all at present below today’s Neutral Zones; the other five BEGOS Markets are within same, and volatility is light. The S&P 500 (5529) has returned to being “textbook overbought” for the first time since 20 February (then 6118); indeed the Spoo — which had been below its smooth valuation line (see Market Values) for some two months — has finally (in real-time) reverted back up to it such that still higher price levels ought be expected; however, the S&P’s “live” P/E (futs-adj’d) is at this moment an ever so expensive 42.5x, and the yield a wee 1.394% vs. the 3-month US T-Bill’s 4.193% annualized. Meanwhile Gold, by its smooth valuation line remains excessively “high”, in real-time +278 points above said line. The Econ Baro gets its week going today with April’s Consumer Confidence.