Presently, Gold is above its Neutral Zone for today, whilst Copper and the Spoo are below same; volatility for the BEGOS Markets is pushing toward moderate. The Spoo (currently 7523) yesterday dropped through its most volume-dominant Market Profile supporter of 7590, albeit by Market Trends, the Spoo (and barely Copper) are in positive linreg, that being negative for the other six BEGOS components. The Spoo’s best Market Rhythm for pure swing consistency its ponderous daily EMA (10-test basis) and its daily Moneyflow (24-test basis). Q2 Earnings Season, whilst still quite young, is thus far very good with year-over-year improvement; problematic thereto is the ongoing issue of earnings — even as improved — ultimately being unsupportive of price, especially give the short-term risk-free annualized yield of the T-Bill (3.697%): the “live” (futs-adj’d) P/E of the S&P is 45.1x, and its risk-full yield a wee 1.118%. The Econ Baro concludes its busy week with July’s UofM Sentiment Survey, plus June’s Housing Starts/Permits, Ex/Im Prices, and IndProd/CapUtil. And tomorrow brings our 870th consecutive Saturday edition of The Gold Update.