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Lambert: Weakness across European indices
Major indices across Europe are expected to open lower Thursday morning ahead of the European Central Bank meeting. Clive Lambert from FuturesTechs is targeting a sell-off in DAX Futures this morning after Wednesday’s relative weakness.
Disappointing manufacturing data out of Germany caused the DAX to fall yesterday, closing 75 points down from the open. According to a Reuters’ poll other European indices are expected to see a sell-off Thursday morning, with the DAX dropping another 22 points lower, the FTSE 100 down 8 points, and the CAC falling 4 points. Tensions between Germany and the ECB are rumored to increase as investors believe the ECB could unveil plans to buy junk-rated Greek bank loans. The ECB rate decision is due out at 12:45 p.m. in London.
Noting the relative weakness surrounding Germany, Clive is looking to set shorts on rallies at 9400 points and 9420 points. He is targeting a move lower to 9285 points. A stop can be placed at 9465 points.
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