Year to date: Dow Jones Industrial: -0,74%; S&P 500: 4670,29 -2,01%; Nasdaq: -4,49%.

The great rotation has started as it is a certainty that the Fed is going to start to tighten quite agressively its monetary policy this year. The bubble is going to deflate from the most overpriced assets to the least one.

The stock market sold off at the opening before recovering as bargain hunters stepped in as the usual January liquidity effect is still there. 15% of the stocks traded on the Nasdaq reached new 52 weeks lows yesterday, quite worrying…

Hedging activity increased slightly as measured by various put/call ratios. The cumulative advance/decline line continues to point down.

Very short term oscillator	Negative -
Short term oscillator	Negative -
RVI trend	Negative -
Trend short term (5 days)	Down ​
Trend mid term (8 days)	Down ​
Differential of trends	Down ​
Risk profile	52 (scale of 1 (low risk) to 100 (high risk))