Market sentiment: “The bulls are on the loose”

The tussle over the US election does not seem to concern local investors. The fear of missing a rally weighs more heavily, which is now weighing on the market.

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.

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