Some kind of euphoria developed around few stars of the tech industry reminding us the greediness of market participants we observed in the markets at the beginning of the year. As so many sectors are in deep trouble and for a long time, abundant liquidities are chasing the few names that bear some potential although valuations are getting really streched as we only enter a long and painful downcycle. This reminds us the market’s activity we observed in 2000,2001 and 2008 when air got thinner even for the bellwether stocks. Major stock indexes have retraced between 50% and 66% of the March decline and stand at a crossroad. In the option market, we observed also that traders were eager to take more risks by buying calls. The risk profile index is back to the neutral level.