Presently, Gold is above its Neutral Zone for today, whilst below same is Oil; BEGOS Market’s volatility is firmly moderate. Unsurprisingly, the FOMC with little data upon which to decide nonetheless reduced the FedFunds interest rate 25bps to a 3.75%-4.00% target range. Despite yesterday’s “unch” session, the S&P 500 is (yet again) extremely “textbook overbought”, buoyed almost solely by NVDA and to an extent AAPL; breadth yesterday was poor (25%/75%); the Spoo by Market Values shows (in real-time) as +180 points “high” above its smooth valuation line. For the Econ Baro today, given the ongoing StateSide government “shutdown”, the Bureau of Economic Analysis shan’t be furnishing the first peek at Q3 GDP, nor the Bureau of Labor Statistics the prior week’s Initial Jobless Claims. Q3 Earnings Season has reached the midway mark: for the S&P 500, 72% have bettered their bottom lines from a year ago, an above-average pace; of course, the overall level of S&P earnings remains far too low to maintain the current Index levels, especially with a risk-full yield of just 1.126% vs. a risk-less 3.730% on a 3mo. T-Bill.