Another volatile session in Wall Street, the stock market opened sharply down, touching 2583 before rebounding. Internal momentum is still very weak: 1153 stocks advanced on the NYSE compared to 2483 that settled down. The list of new lows is still expanding: only 12 stocks reached new highs whereas 561 closed at fresh 52 weeks lows. In the option market, hedging activity didn’t reached extremes, meaning that options traders are, in our opinion, somehow complacent in front of the magnitude reached by the volatility.