Although the stock market closed barely up, we observed a certain number of conflicting signals: breadth continues to be strong with a large participation: 2769 stocks advanced compared to 998 that settled down, whereas selling pressure was strong as observed by our buying/selling index, a rare occurrence. The weekly sentiment survey among private investors pointed out to a growing optimism among this category of investors with two bulls for one bear, historically a warning sign. In summary, selling pressure is well absorbed by money continuing to flow into the market but some signs of complacency are burgeoning.