Thierry believes that the long term trend in the stock market is driven by fundamentals but in the short term, the stock market is driven by sentiment. He will demonstrate how sentiment can be used to forecast the short term direction of the stock market. It is not clear why sentiment changes but one early clue can be found in the behaviour of investors. Sentiment will often change when prices no longer respond to the news. For example when the market fails to rally on good news or when it fails to decline on bad news. His e-Yield Sentiment Indicator (ESI) measures this.