The stock market ceded some ground during the trading session before recovering towards the close. We observed some selling pressure on the NYSE whereas on the Nasdaq, it was the mirror opposite, as measured by our buying/selling index. The market is still struggling around the highs of the year and is looking for some new impetus. Internal momentum lost recently some strength and the cumulative advance/decline line is consolidating around its latest new highs. There is actually no signs of speculation in the option market but the weekly investment survey among active professional portfolios managers is pointing out to too much optimism, in our opinion. We again think that a kind of correction/consolidation down to the support area around 2980-3000 would be more than welcome to set up the necessary conditions for a strong year end’s rally.