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German DAX

Germany's DAX index is the equivalent to America's Dow Jones industrial index. Both indices are composed of 30 blue-chip issues. As of Friday, the DAX has scored a six-week winning streak ending the week above 9,000 for the first time in its 25-year history.

Upside in the immediate future for the DAX looks limited. It's quite possible that the intra-day high on 11/7/13 at 9,197.50 was the top of the advance from the October low. The daily Coppock Curve oscillator is negatively diverging and the distance between the index and its 200-dma is very close to the level at which highs are usually seen in the index.

Longer term, however, the picture looks brighter. The chart below shows the relative performance between the DAX and the broad EuroStoxx50 index. It shows us that the DAX may have broken its three month period of underperformance. A similar picture emerges when comparing the DAX to the MSCI World index. I look for a buying opportunity after a correction in the immediate future.

Ratio DAX Eurostoxx50
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