DAX “..suggesting downside pressure is likely to increase this week.” Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

DAX SHORT TERM TRADER: Small short at 12535; stop well above 12400. Target at 11700.

DAX POSITION TAKER: Small short with a stop above 12400. Will add to the position on a weekly close below 12000 and on a daily one below 11700.

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Another hung parliament?
Italian election results

Yesterday’s general election in Italy, to form the country’s 66th government since becoming a democratic republic in 1946, looks set for another inconclusive result. As has been the case in other recent elections, the ruling establishment parties have seen a catastrophic collapse in votes while outsiders and upstarts have garnered a lot of new supporters. At the moment exit polls suggest the 5 Star movement, established by a comedian, is in the lead with 31 per cent of the ballot. The right-leaning coalition headed up by veteran Silvio Berlusconi has roughly 36 per cent of the vote – not the 40 per cent needed to form a government – Northern League doing the heavy lifting with 18 per cent.

In Germany, the SPD party members have given the go-ahead to form a coalition with the CDU, Angela Merkel as Chancellor, breaking the deadlock since September’s election. Both parties saw their worst ever performance since WWII.

Financial & Political Commentary

 

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