Busy day here at Redburn as we finish the week on a pretty interesting note. The rotation (and conviction) manifests again with cyclicals back outperforming defensives. Volumes are also supporting the case with all EU indices trading well above their 1d, 20d, oh wait, and also their 30d AVATs. Adding to the good mix, Copper surpassed the key resistance at 250 this morning (next resistance at 263.95, +4.5% higher), Treasury yields are slowly picking up (with the US 10 year above 0.90% today) and the FTSE MIB is currently trading 20000 (200dma resistance is at 21162).
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