Finaly, fear is coming back in this market induced by the deteriorating situation in the emerging markets, originally due to a tightening US monetary policy, a typical textbook situation where money is fleeing back to the greenback. Our indicators measuring fear are on the rise : our buying/selling index, our fear/greed index, the SKEW index and various put/call ratios. The first objective is the 2800 area for the S&P 500.