Whilst yesterday’s S&P Moneyflow was actually positive (+0.9%), the Index itself fell -0.4%, but by our broadest measure (quarterly) the Flow still is suggestive of lower Index levels. Earnings Season is off to a poor start; however with just 30 companies having reported (of some 2,000 expected), this may not yet be statistically significant: 80% having beaten estimates … but just 40% have improved their bottom lines over Q4 a year ago. At present, Silver, Copper and the Spoo are below their respective Neutral Zones for today; none of the other BEGOS Markets are above same, and volatility is pushing toward moderate. Cac volume for Oil is moving from February into March. And ’tis a big day for the Econ Baro with January’s NAHB Housing Index, December’s Retail Sales, Ex/Im Prices, and IndProd/CapUtil, plus November’s Business Inventories. Too, we receive the Fed’s Tan Tome for January.