The stock market gaped down at the opening and closed sharply lower on heavy volume and negative breadth : 573 stocks advanced compared to 2397 that settled down. This is the third day since the beginning of the year that registered more than 2000 stocks closing down compared to 1 on the opposite side, confirming the tightness of the participation to the upmove of prices recently. The Vix index jumped to the highest level since last summer and our trading model is starting to turn down. Our capitulation index registered heavy selling pointing out to some nervousness among market participants, hedging activity increased slightly in the option market.