Save for the Swiss Franc, at present below today’s Neutral Zone, the seven other BEGOS Markets are within same, and volatility is very light, albeit in the context that some EDTRs (see Market Ranges) have been expanding of late, notably so that for the Spoo which is now measured at 74 points. As anticipated, in real-time the linregs for both Gold and Silver have now rotated to negative, leaving Copper as the only positive linreg BEGOS component. With better than half of S&P 500 companies having thus far reported earnings, the “live” P/E has favourably come off a bit, now 38.3x, but still extremely expensive by any historical earnings yardstick. The Econ Baro looks to April’s ADP Employment Data and ISM(Mfg) Index, plus March’s Construction Spending. 18:00 brings the FOMC’s Policy Statement and then Powell’s Presser.