I need to update my news sources. I can’t identify why the market continues to rise today and rose yesterday. So no immediate macro and geopolitical news moving markets. But I do see company news making headlines – positive surprises or bullish reinforcement is what I surmise from here.
Over the weekend, however, I did hear more and more about a potential ceasefire in the Middle East. The reaction seems muted: so maybe institutional exposure is sufficiently low on a net basis? Perhaps lesser QT and stock buy back potential is providing some support. South-east Europe is also looking to court China.
Eurozone bluechips are towards the top of their trading range, with relative strength in the mid-50s trending higher. Chart wise, this looks more like a corrective wave.
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