The stock market opened on a very weak note, in the wake of overseas financial places trading activities, before rebounding strongly and closing slightly down. It looks like some kind of one day reversal pattern occurred and it may announce a rebound of significant importance. We may not call yesterday’s action as a bottom as we still haven’t observed significant capitulation signs from market participants. On the other hand, so much internal damage occurred lately (list of stocks reaching new lows, cumulative advance/decline line falling) that it may take some time to repair. Breadth is still weak : 1058 stocks advanced compared to 2574 that settled down. In summary, we expect a rebound up to the 2850 area before a final leg down to the 2600’s. One thing is certain, volatility is going to stay alive.