Save for the Bond (and the Dollar), the BEGOS Markets sold off rather substantially yesterday as the Fed looks to keep pressure on rate raises; (FedChair Powell’s second day of Humphrey-Hawkins Testimony is today). This morning however, all eight BEGOS components are at present within their respective Neutral Zones for today, and volatility is thus far light. At Market Ranges, their recent narrowing is clearly noticeable, perhaps leading toward more volatility in the offing. Copper’s linear regression (see Market Trends) has rotated back to negative, leaving Oil as the sole component with a positive (barely) trend. The “live” P/E of the S&P is 41.2x and the yield is 1.690%; (that annualized for the 3-month T-Bill is 4.845%). The Econ Baro looks to February’s ADP Jobs data and January’s Trade Deficit. Late in the session comes the Fed’s Tan Tome.