At the current moment all seek to know what is the extent of the recovery of European stock markets. In fact, there is a risk that this rally is taken advantage of by many fund managers to decrease their exposure to equity markets. The recent rally takes various characteristics of a climb framed in a downward medium term movement: the main buyers are hedge funds and short-term investors which are closing selling positions, the volume is not high and the sessions are particularly volatile. All these signs advise greater caution.