Both Silver and Copper are below their respective Neutral Zones for today, whilst above same is the Spoo, (“live” fut’s-adj’d S&P 500 P/E now 60.7x); BEGOS Markets’ session volatility ranges from light (Bond and Euro EDTR tracings of 26%) to robust (Copper’s 102%); EDTRs are updated daily on the Market Range page. Gold has dipped below its most volume-dominant Market Profiles support of 4621, price currently 4612; however the precious metals remain extremely high vis-à-via their Fair Value as we’ll depict in tomorrow’s 844th consecutive Saturday edition of The Gold Update; obviously too, given lack of earnings support, the S&P remains overvalued by a massive margin; the riskless 3mo T-Bill yield (3.565%) is 3.1x that of the S&P’s dividend yield (1.131%). The Econ Baro wraps its busy week of 20 incoming metrics with January’s NAHB Housing Index and December’s IndProd/CapUtil.