For months we have been warning about excessive optimism on the stock market, since it was clear that it needed a break. Coincidence or not, lately it has been seemingly impossible for the market to take it to the next level. Many indices are still listed near or at their all-time highs (e.g. the S&P 500), but sensitive sectors and segments (e.g. technology and small caps) have been nervously exploring the downside. It should not be too much of a surprise, as a consequence, that investors have become increasingly hesitant in this uncomfortable ‘grey area’.