The relief rally didn’t last long as selling pressure resumed when 10 year interest rates crossed the 3% mark. Even the, up to now, resilient big cap stocks fell sharply as selling activity was broad based as measured by some of our indicators : fear/greed index, capitulation index and our buying/selling index. The list of stocks hitting fresh new lows on the NYSE and on the Nasdaq continues to expand, the cumulative advance/decline line on the NYSE and on the Nasdaq hit fresh new lows for the year too. The weekly survey among professional portfolios managers didn’t reflect this gloomy atmosphere as the index increased from one week to the other, meaning that this category of investors tries to catch «opportunities» as prices are retreating.