Early on as the Econ Baro awaits StateSide Payrolls data for November, we’ve not surprisingly all eight BEGOS Markets at present within their respective Neutral Zones for today; volatility thus is light. There is the sense for the S&P 500 that a complacency to accept the risk of the extremely overvalued Index has returned, albeit we doubt it lasts as long as it has during other such periods, (i.e. when the “live” P/E resides in the upper 30s as it is today), especially with safer and more attractive U.S. debt yield available. Gold (with the help of +15 points of February contact premium) yesterday regained 1800 for the first time since 15 August; too, the Dollar Index is down to its lowest level (104.555) since early August. We’ll include the BEGOS Markets’ year-to-date standings in tomorrow’s edition of The Gold Update.