Given all the hand-wringing (and legitimately so) over banking illiquidity, ’tis curious to note the S&P 500 is trading ’round where it was upon transiting from February into August, (i.e. it hasn’t materially really gone anywhere). And this morning, the Spoo is quiet; amongst the other BEGOS Markets, only Gold and Silver are at present below their respective Neutral Zones for today, (see our “Hobson Close” reference in the current edition of The Gold Update), and volatility is mostly light. Notable extremes from our Market Values page include the Bond as some 6 points “high” above its smooth valuation line, Gold as 131 points “high” and Oil as nearly 10 points “low”. The Econ Baro awaits February’s Exiting Home Sales.