The S&P 500 is still struggling against the resistance at 3000 and yesterday’s trading session lacked impetus. Breadth closed almost even: 1957 stocks advanced compared to 1797 that settled lower. In the option market, hedging activity was still fairly intensive, meaning that traders are cautious and reluctant to agressively play the upside, a sign that there is no speculation at this stage. The weekly sentiment survey among private investors swingued quickly from one week to the other and points out to a neutral attitude towards the stock market for the time being by this category of investors. Tentatively, our scenario calls for a retest of the highs reached in September before a kind of correction/consolidation unfolds during the earning season. Our risk profile index is almost back to the neutral level.