A mixed trading day following reallocation of indexes components. We again observe that breadth is rather weak: 2052 stocks advanced compared to 1763 that settled down on the Nyse. The cumulative advance/decline line on the NYSE and on the Nasdaq has deteriorated steadily since mid-August. Put/call ratios stand at the lowest level for years and the trend continues, options traders feel very confortable playing the upside of the market with a license to speculate provided by the Fed… The weekly survey among active professionnal managers confirm this observation as they have started to put leverage behind their investments.

Very short term oscillator	Positive +
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Up ​​
Trend mid term (8 days)	Up
Differential of trends	Up
Risk profile	82 (scale of 1 (low risk) to 100 (high risk))