The stock market closed barely down but breadth turned clearly negative : 609 stocks advanced compared to  2129 that settled down. Most of our indicators are overbought or even in the red zone in a period of interest rate adjustement which leads us to be a little bit nervous. Our readers will find enclosed the chart of the generic T-bond future whose price is clearly heading south. The Dow Jones Utilities index, we mentionned, a couple of days is also weak. This situation of transition from reflation to neutral monetary policy is not the end of the world but historically precedes a period of tense volatility and swift sector rotations like in 1984 and 1994.