The DAX has risen well since last Wednesday and this time the local investors were involved by closing out short positions on a large scale. 16 percent of professionals and 6 percent of private investors have closed their short positions. Especially profit-taking, as Joachim Goldberg suspects. In addition, the behavioral economist identifies a greater fear of “missing out on the next stock market rally than of the possible negative effects of an unclear outcome in the US election.”
Overall, the sentiment indices are relatively high at +22 and +11 points. That represents a burden for German blue chips. At 12,300 / 12,350 points, Goldberg expects profit-taking from the long exposures. And there is now a lack of support on the downside.
You can read the full analysis at www.boerse-frankfurt.de/nachrichten/7339da9d-1755-49af-82c2-7d6a5e0ed8c3
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