Despite the flow of corporate earnings release and its positive (MSFT) and negative surprises (AMZN, TXN), the volatility is fairly contained in this market with the S&P 500 still hovering around the 3000 mark. Our indicators and our global risk index are neutral which is not helping us much forecasting the next short term move although we still favor a scenario of a swift weakness down to the 2930-40 area to set up the necessary conditions for a year end’s rally.