For the second day on a row, the stock market fell sharply with heavy volume and negative breadth: 543 stocks advanced on the NYSE compared to 3430 that settled down. As mentionned in our previous comments, internal momentum, measured by daily breadth and the cumulative/advance line point out to a global weak market action except for a few bellwether stocks that led the market recently. Systematic models based on prices have turned down yet and this may increase the selling pressure as short term traders and hedge funds may hedge or short the market. The only bright spot comes from the weekly survey among private investors that points out a ratio of bearishness that is very high by historical standards. We suggest our readers to read the following comment.