A fairly volatile day which is not reflected in the closing number. The market rallied at the opening before some doubts arose regarding the effectivenees of the treatment tested by Gilead. We observed in the option market a certain propensity from options traders to play the upside of the market by buying calls. Overall the model deteriorated somehow as most of our indicators stand now above the neutral line. Active portfolio managers have regained some confidence which stand at the highest level since the beginning of the crisis meaning that some kind of greediness is creeping behind this market although, as mentionned yesterday, participation in the latest rally is rather poor as measured by the cumulative advance/decline line.