Stock Markets Underperform
The German DAX underperformed during the course of the day today as the stock markets around the globe took a breather for the day and corrected lower. This can only be viewed as a correction at this point of time rather than a reversal. The oil prices also continued to move higher and now trade comfortably above the $63 region which means that the medium term target of $65 seems to be a done deal at this point of time. There are no signs of a reversal as yet and this would normally mean that we could be looking at even further price regions above $65.
Markets Await Direction
The stock markets are generally stable around the world as the traders wait for some fundamental drivers in the market to push the markets in specific directions. So far, there has been none of that sort this week and that is why we have been seeing the stock markets being choppy and each index running in different directions based on local factors. It remains to be seen how long this choppiness can last in the markets.