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The DAX has been slammed during the trading session as there was a weird panic in most markets later in the session. That being said, really nothing's changed here. We're still very much in the same area of consolidation. I do think that the uptrend is very intact. I mean, all you have to do is look at the chart.
But at the end of the day, you do have to keep in mind that volatility is something worth paying close attention to. After all, volatility can cause a lot of problems if you are not careful. With that being the case, I look for some type of bounce on a short-term chart in order to start buying the DAX again, which is my favorite index. But when you look at the chart, you can see that we clearly shot straight up in the air, and now we're just trying to work off some of that froth. There are plenty of people out there who either missed the trade or are looking to add to it.
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So, this is where the buy on the dip mentality comes into play. If we can turn around and take out the 23,200 euros level to the upside, it's likely that the DAX will go to the 23,500 euros level. If we continue to fall and it looks like we're closing at the bottom of the range for the day, we could drop to the 22,500 level where I would be very interested in buying.
As things stand right now, I just have no interest in trying to short this market. And I certainly don't think that we're in a situation where traders should be fighting the overall trend. After all, not that much has changed. There's just been a little bit of panic on Wednesday. Not just in the DAX, the NASDAQ is getting hammered. The S &P 500 is down pretty significantly. The Dow Jones 30, oddly enough, is only slightly down, so we'll see, but the trend remains intact.
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