The two-day session continues for the BEGOS Markets: now we’ve the Bond below today’s Neutral Zone, whilst above same are Gold, Silver and the Spoo; session volatility expectedly has upshifted to moderate. Given the rise in the Spoo from Tuesday, the S&P 500 is poised to open (at this writing) above 5500 for the first time; its futs-adj’d “live” P/E is 42.1x and the yield 1.337%; (three-month U.S. dough pays 5.235%). By Market Trends, four components are in positive linregs (the Bond, Swiss Franc, Oil and Spoo), the other four being negative (Euro, Gold, Silver and Copper). Included today for incoming Econ Baro metrics are June’s Philly Fed Index, May’s Housing Starts/Permits, and Q1’s Current Account Deficit.