The Fed delivered a message of confidence towards investors and the Treasury: «continue to spend, we’ll be there to buy government bonds on the open market». Trading was subdued in Wall Street ahead of the Fed statement: 1751 stocks advanced compared to 2394 that settled down. The Vix index reached the lowest level since the crisis began one year ago touching 17. Options activity was neutral. Two worrisome information to keep in mind: the weekly survey among private investors points out to the highest level of confidence reached over the last two years with a bull to bear ratio of 2,85, almost a record. The level of margin debt reached also a record and is up by 49 % from one year earlier at $ 800 billion, there’s a lot of leverage in this market and the Archekos affair may only be the tip of the iceberg.  

Very short term oscillator	Positive +
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Up ​​
Trend mid term (8 days)	Up ​​
Differential of trends	Up ​​
Risk profile	77 (scale of 1 (low risk) to 100 (high risk))