The S&P 500 retraced almost 50% of the previous days decline with some bargain hunting again concentrated on big cap stocks and « quality names ».Our model is back at the neutral level as are almost all its components. The only really postive indicator is the bull/bear ratio among private investors which may reflect the depressed situation and widely reported this week in the oil industry. Our readers will find attached the chart of the cumulative advance/decline line on the NYSE that points out to the poor internal momentum since the lows reached in March.