A quiet summer trading day in Wall Street with a pocket of strength in the Nasdaq. The stock market is still digesting its advance from the bottom reached at the end of the month of May. Breadth settled slightly negative and options traders are rather cautious in the pit. This allows our risk model to improve slowly. Almost all component of our systematic model have turned down but the velocity of the change is rather slow, conforming that the market is more in a state of a consolidation rather than a correction.