At one point, the stock market erased most of Wednesday’s losses before ceding ground towards the close ; at least, there is still some life in this market, confirmed by strong breadth : 2541 stocks advanced compared to 1113 that settled down. The market may start a process of backing and filling until the earnings season is over for, according to our scenario, finally finding a bottom in the 2600 area. As mentionned several times in our previous comments, internal momentum has been seriously damaged and it may take some time to repair it. Our indicators are heading into the right direction but there is still room for improvement. The weekly survey among professional portfolio managers points out to increasing skepticism among this category of market participants but still stands at a neutral level.