The stock market is still treading water in a tight range, digesting the gains of the January rally. Breadth is still strong with 2439 stocks advancing and 1138 settling down. There is still a lot of buying at the closing as measured by the closing Tick index, a sign investors, acting through funds, are coming back in the market. Although internal momentum is strong, the correction /consolidation may continue over the next few days until the overbought conditions are worked off. The weekly sentiment survey among active professional portfolio managers stand at 75 % bullish, a level slightly too high in our opinion ; we would like to observe more skepticism from this category of market participants.