Earnings release are dictating the tempo to the market, leading to divergences among major indexes. The Dow Jones Industrials closed slightly down whereas the Nasdaq Composite Index settled 0,85% higher, led by the tech sector and particulary by the semiconductors. In summary, the consolidation continues at a high level supported by good earnings surprises and the reflation provided by central banks. Our Risk Profile Index is fairly neutral and this is confirmed by the weekly investment survey among individual investors who have an evenly split opinion about the future course of the market.