Only the Swiss Franc is trading at present outside (above) its Neutral Zone for today; the other BEGOS Markets are within same, and volatility is light-to-moderate. Putting yesterday’s Spoo inflation-induced whipsaw in perspective, (to which the FinMedia referred as “historic”), the range between the low and high on a points basis ranked 14th vastest so far this century: we thus seen this before and we shall yet again. As we’ve herein put forth of late, the S&P 500 already was “textbook oversold” indeed to an extreme reading prior to yesterday’s rally, which we continue to maintain is contra-trend within the broader down move. In real-time, the Spoo (3689) is still 134 points below its smooth valuation line (see Market Values) and a run to the upper 3700s makes technical sense; however with respect to earnings, the “live” P/E of the S&P is 33.6x; top-tier banks are now in their reporting window today and Monday. For the Econ Baro, due are October’s UofM Sentiment Survey, September’s Retail Sales and Ex/Im Prices, and August’s Business Inventories.