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DAX backs off from above 16,950

Earlier this morning, the higher opening for the European stock markets delivered a pretty dynamic move in the DAX. The German benchmark index did not look back from a higher opening, at 16,828. It rose sharply to a high at 16,963. The means it came close to the current all time high at 17,003. However, in the past 20 minutes it has backed off and quite sharply too. The reason for the relapse would seem to rest with profit-taking and little else at this stage, after what had been a very ebullient start to the New Year. The price action is therefore pretty fluid , given these early session swings and in truth I am not sure if all the usual participants are back to play yet this week. The DAX is currently trading at 16,870 

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