The DAX had a fairly back and forth session on Wednesday, as the market continues to meander around the €7700 level. The market is currently consolidating between the €7625 area, and the €7775 level. Because of this, it looks like this market is prepped to go sideways for some time and as a result we are simply monitoring what’s going on in Germany at the moment.
We do believe that eventually the DAX breakout to the upside, but we need to wait until we see a daily close above the €7775 level in order to be comfortable buying at this point. Because of this, we are flat of the DAX right now, but ready to get involved if we see signs of bullishness.