The stock market took a breath of fresh air after Iran’s retaliation didn’t inflict human casualties to US forces in Iraq. Breadth wasn’t that impressive with 2291 stocks advancing on the NYSE compared to 1523 that closed lower. We are a little bit disturbed by some daily sentiment indicators in the options market that point out to a high degree of optimism among options traders. On the other hand, the weekly survey among private investors is back to neutral, reflecting last week-end’s events in the Middle East. Overall a mixed bag in the context of an elevated risk profile index.