The stock market opened sharply down, touching the lowest level since last spring before recovering and closing down before the week-end. Internal momentum is still weak with 997 stocks advancing and 2646 settling down. Nevertheless, we start to observe few encouraging signs, daily hedging activity is running at a high rate and our daily sentiment indicators have reached the green zone. On the other side, we still haven’t seen clear indications that market participants have capitulated. There is still a possibility that the market may tentatively rebound before a last leg down.