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Did the Hedge Funds Blow Up Yesterday? 7/28/23

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Chinese stocks like Alibaba could try to go up because the politburo try to move up the stock market and they said this week that want to support innovation. last week they made positive decision about ant financial

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DAx - this is a thing i dont get it. German PMI is going lower, Euro should go lower, Europe in general has problems. Today Sweden presented v. poor GDP data. All in All its all bad in europe. I dont get it how dax could go up. Its totally against the common wisdom. its the opposite of US - good GDP, good ISM and of course big tech etc. So from fundamental point of view US is ok, but DAX?

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8 hours ago, DrStool said:

Watching the hourly ES 24 hour S&P futures, the key will be what happens as the market approaches wave resistance in the 4555-65 area in the pre market and after New York opens. If they clear it, the next target would be around 4580 this afternoon. 

Because the move was so immediate and so fast, they got it to the top of the channel before I thought it would. But the channel held. The market moved faster than I thought it would, but it wasn't stronger. The channel held. Now the test of strength will be whether this pullback holds in the 4550-60 area. If it does, then they'll try again to crack that downtrend channel. 

10uitp

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2 hours ago, SiP said:

Chinese stocks like Alibaba could try to go up because the politburo try to move up the stock market and they said this week that want to support innovation. last week they made positive decision about ant financial

Yep. End of June they made announcement about subsidies for EV‘s, look at Nio stock since then…

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1 minute ago, fxfox said:

Yep. End of June they made announcement about subsidies for EV‘s, look at Nio stock since then…

I passed a NIO showroom in Oslo. Gorgeous cars. 

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7 minutes ago, DrStool said:

I passed a NIO showroom in Oslo. Gorgeous cars. 

Yes. The chinese EV‘s are a major thread for European manufacturers. They did built up their EV industry very professionaly, with a plan. For example they hired European designers years ago. I think it could become as disruptive as when the Japanese came in the 70s to the US.

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3 hours ago, SiP said:

DAx - this is a thing i dont get it. German PMI is going lower, Euro should go lower, Europe in general has problems. Today Sweden presented v. poor GDP data. All in All its all bad in europe. I dont get it how dax could go up. Its totally against the common wisdom. its the opposite of US - good GDP, good ISM and of course big tech etc. So from fundamental point of view US is ok, but DAX?

Don‘t forget that the published DAX you see is always the Performance DAX, withh dividends included. All other major  indeces are without dividends. On „Trading View“ search for „DAX KURSINDEX“, that‘s the DAX without dividends, look how catastrophic the underperformance compared to the S&P was in the last 10+ years.

The other explanation for the weird upmove in DAX could be: During 2022 the topic „valuations“ came into the spotlight. DAX was from a pure valuation perspective „cheap“. Portfolio managers all use more or less the same risk models. So they did buy DAX.

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