The S&P 500 jumped more than 1% Friday, setting a new record high but we were astonished that only 1600 stocks led the advance, compared to 1330 that settled down. Such a narrow margin hardly explain such an advance that is more and more concentrated on big cap stocks that market participants are chasing at any price. Oxygen is getting scarce at such altitude… The SKEW index reached a low for the year and points out to the optimism that prevails among options traders, another sign of complacency that prevails in the market since the beginning of the year.