The stock market continues to surprise on the upside, the question which is difficult to answer is the following: is the latest upmove linked to short sellers covering their positions initiated through hedging instruments to protect their long portfolios following the breakout of the coronavirus or is it fresh money entering the market? We don’t have a clear answer but we have observed since October that any time our risk model comes back to the neutral level, the market rebounds which is a very good indication that the underlying momentum behind this bull market is very strong. The weekly survey among private investors released this morning stands at a neutral level with opinions fairly balanced between the investors adopting a bullish, bearish or neutral attitude.