  Detailed study of the financial empirical correlation matrix of the 30
companies comprised by DAX within the period of the last 11 years, using the
time-window of 30 trading days, is presented. This allows to clearly identify a
nontrivial time-dependence of the resulting correlations. In addition, as a
rule, the draw downs are always accompanied by a sizable separation of one
strong collective eigenstate of the correlation matrix which, at the same time,
reduces the variance of the noise states. The opposite applies to draw ups. In
this case the dynamics spreads more uniformly over the eigenstates which
results in an increase of the total information entropy.
