It's Fed Day, and markets are little changed heading into the opening. We're still watching the Middle East, too, as Iran refuses to surrender.

The bottom line: despite a lot of worries about volatility, SPX has been trading between about 5,950 and 6,050 since early June. Realized volatility, as measured by the 20-day historical volatility of SPX (HV20),

The stock market inched up on Friday, as Federal Reserve Governor Christopher Waller hinted at potential rate cuts in July. S&P 500 (SP500) +0.5%, the Dow (DJI) +0.4%, and the Nasdaq Composite (COMP:IND) +0.