Opening the veil on 2009, it will be recommended to maintain a cautious attitude towards the stock market, especially with regard to investments with shorter horizon 3 to 4 months, as high macroeconomic difficulties and high uncertainty and risk will have an impact on this class of assets. The sentiment towards global equity markets has become more dangerous at this moment, so the situation should continue to be marked by instability. The volatility in the market will therefore remain high for some time. This effect becomes more dangerous in a market with little liquidity as we have seen lately . In recent months, the macroeconomic risks have increased significantly for developed economies and have had a more obvious impact on the results of major companies, many analysts are anticipating a negative growth in first 6 months in these economies. The most important key catalysts of the companies still exist, but I believe that there is still a great distance to go before the market is sufficiently strong to release it.