Bullish Indices Spread Betting Markets Rally on Strong European Bond Auctions

Bullish Indices Spread Betting Markets Rally on Strong European Bond Auctions

Some glimmers of hope for the Eurozone were on display yesterday when a few important bond auctions were successfully undertaken.

Spain and Portugal have managed recently to find buyers of their debt whilst at the same time keeping their interest rates low and this has assisted the shift in sentiment that seems to have been building so far this year.

This has come as a big surprise to many indices spread betting investors who on the whole seem to remain largely sceptical of this current strength in equity markets and certainly this is the case as regards our clients.

They have opposed this rally throughout the past few weeks, only benefiting from last Friday's little hiccup following France's downgrade which didn't last all that long.

Now that the FTSE 100 has broken through and closed above the 5700 to 5720 area the next target for the bulls is October's high around 5770.

The grind higher is not the most convincing of rallies but it shows that bit by bit risk appetite for equities is building amongst investors.

Last night's strong close by the Dow is also assisting European markets to continue in their upward fashion and so the FTSE 100 has opened at 5740 this morning.

This puts the index firmly above its 200 day moving average on the daily chart, in a similar club to the US indices which are sailing higher.

For the Dow Jones, the index is now only a few hundred points off the highs it recorded last year and even that wasn't a mile off its all time highs back in 2007.

Some might even suggest that US stock markets are simply continuing on with the bull market that started back in 2009, following a little blip last year.

The German DAX is also enjoying rally after rally as it is now some 10% in the black so far in 2012. It is now on the cusp of getting itself back above its 200 day moving average which it last saw back in August of last year.

Over the long term this is a significant achievement as it is seen as marking the end of the bear market that had looked to have set in from the middle of last year.

As all those use technical analysis know however, stock market indices can give false signals from time to time, so we will have to see further strength before we can be certain that the bulls are still running.

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