The stock market fell much more than expected in the wake of a yield curve that started to get inverted, this observation let market participants to anticipate a recession in the months to come. We don’t share this view but it may lead the Fed to moderate its tightening monetary policy. Volatility is still the name of the game. We observed some signs of capitulation with some extreme readings recorded by our indicators. This is a good news as we didn’t get these readings during the October and November correction.