The stock market jumped at the opening but prices couldn’t surpass the 2930 area that acted as a resistance for the fourth time in ten days. Breadth settled on a strong note: 2666 stocks advanced on the NYSE compared to 1084 that closed down. Hedging activity in the options market was intense as many market participants are cautious and see any rally as an opportunity to cover their positions. This observation is corroborated by the weekly sentiment survey among private investors which points out to a cautious attitude towards the future direction of the market. Systematic models have finally all turned up which should potentially attract fresh buying.