Moving on from the Fed’s “non-event” -25bp Funds rate reduction, we’ve at present both the Bond and Spoo above today’s Neutral Zones, whilst all six of the other BEGOS Markets are below same; session volatility is firmly moderate. Specific to the positioning of the five primary BEGOS components vis-à-vis their Market Values in real-time: the Bond is 1^15 points “high” above its smooth valuation line, the Euro basically in sync with its valuation line, Gold +208 points “high”, Oil -1.17 points “low, and the Spoo +165 points “high”. Yesterday the S&P 500 posted a second consecutive down day for just the second time across the past 18 trading sessions, the “live” futs-adj’d P/E now 47.5x. And the Econ Baro concludes its week today with metrics that include September’s Philly Fed index and August’s Leading (i.e. “lagging”) Indicators.