The stock market hovered during the trading session around the 2650 area that became a pivot point. Breadth closed on a strong note with 2506 stocks advancing and 1135 settling down. There is still a potential rebound ahead with 2750 as a target short term. Hedging activity is still running at a high level but as mentionned several times in our previous comments, we haven’t depicted any clear sign of capitulation during the October rout. This observation leads us to think that it may take time to repair the carnage suffered by the internal momentum of the market, measured by the advance/decline line.