DAX-Sentiment: Empty Promises

6 March 2013. FRANKFURT (Boerse Frankfurt). For more than a month, the DAX had promised to move lower. The market had delivered an impressive, almost one-way performance since last November until the end January of this year and had reached a new multi-year high. For many of the domestic institutional investors on Boerse Frankfurt’s sentiment panel, this was a development worthy of a meaningful correction. However, although February began with a powerful sell-off, there was never any follow-through. Despite what we suspect to be continued steady cash inflows into their funds, these asset managers sat cautiously waiting for a negative political shock to arrive from Washington, Rome, or even from Nicosia, to facilitate a purchase at much more favourable levels…

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