Most of the big tech companies have now reported their first quarter results with some mixed comments and no future guidance, stock markets are going to be left in the dark until the month of July, knowing that the 2nd quarter is going to be horrible. Among our indicators, we are surprised to observe that the weekly survey among professional portfolio managers points out to a resurgence of optimism that reached a greed level, usually observed at the top of an upmove (last seen in early February), this is worrisome and doesn’t bode well.