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MENAFN- Daily Forex)
The German DAX initially did try to rally a bit during the trading session on Wednesday, but we have seen sellers come back into the market to push things lower. By doing so, the market looks as if it is trying to sort out where we are going to go next and perhaps looks more likely than not to go looking for value hunters underneath. I do think there are plenty of people willing to get involved in this market, because after all, it has been extraordinarily bullish and has been one of the better performers that I follow.
The Trend
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The trend is still very bullish, and I think it is only a matter of time before that continues. When we do pull back in times like this, it is likely that there will be plenty of traders out there who will have like to participate in the overall trend, but have missed out. That being said, it's also worth noting that we did get somewhat extended so it's not a huge surprise to me if we go sideways for a while, perhaps trying to work off some of the excess froth that we had seen in the market over the last several months. Remember, we eventually turned around after what everybody thought was going to be Armageddon and then rallied very viciously in order to get close to the beginning of the meltdown.
As markets have nothing to do with rationality and everything to do with drama, these moves happen from time to time, wiping out accounts in both directions. Sometimes, that's how you have to approach the market, as it is something trying to take your money. There are opportunities, but you need to keep your emotions under control, which is something that I've seen a lot of people failing at over the last several months, as initially, the market sold off so viciously that people thought it had to bounce, and right around the time when things got so bad that it looked like we were going to go back to the Stone Age, people were afraid to buy the DAX and other indices, and of course it ripped straight up in the air. At this point, the DAX continues to lead the rest of the European Union so short-term pullbacks continue to offer value propositions.
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