Although today was a much more encouraging morning of results, everything else felt quite gloomy early doors. Eurostoxx 50 traded back below the September lows of 3097 for most of the morning and wasn’t too far from the June lows of 3054 (3102 last), but has since recovered marginally. In Germany, we were used to associating the DAX with the “winners” but things changed since yesterday. The index made a 3m closing low and it is trading right at its 200 dma today (for the first time in 3 months – wow). Volumes not very encouraging either as they keep suggesting that conviction comes on the sell offs (up +30% vs 20d AVAT). Across the pond, history tells us that tomorrow is the best day of the entire year for the S&P 500 so not everything is negative.
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