Fairly quiet start today after the hefty moves over the last week. Seems like EU investors have taken some time to decide their next move (reasonable/healthy) hence the lower volumes across the board. Aside from that, it is encouraging to hear our charts team confirming that more defensives are making it to the 3-month rel lows list and more cyclicals to the 3-month rel high list. The trend continues to be in favour of the bulls so we will see if it keeps up this week. One to watch is the SX5E, which has been up for the last 3 weeks and hasn’t managed 4 in a row since September – hopefully it will this week. Also note that all EU indices started the session in the red and some have slowly made their way up already.
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