The DAX 30 fell during the Friday trading hours as we continue to consolidate between €7775 and €7625. With that being said, this is a very bullish market and quite frankly the massive move higher that we’ve seen warrants a rest at this point. Because of this, we certainly wouldn’t sell this market even if we see a breakdown at this point. We simply believe that the real money is going to be made going long in the DAX, and having said that we are simply looking for buying opportunities only at this point.
We believe that the €7600 level should be the bottom of the support just below, and as a result a pullback to that area would be bought by us with enthusiasm. Alternately, if we managed to break above the €7800 level, we think that this breakout will continue much higher.