The stock market is holding more or less the lows reached during the winter that are acting as supports level although breadth closed negative (1896 stocks up, 2407 down) and the list of stocks reaching new lows comprises many names (591 on the NYSE, 862 on the Nasdaq). The most positive indicator is the weekly survey among private investors that points out to a record of pessimism among this category of investors. The bull to bear ratio stands at 27 %, a ratio rarely reached in the past. We may, based on this indicator, expect some bounce back although we haven’t observed complete signs of capitulation across the board.