DAX drops back from higher opening

As expected the DAX did reopen higher a short while ago. The reader is reminded that the index closed on Friday at 22,287, with a loss of just 27 points on the day. It just now kicked off the new week, close to 22.500, but the exact cash opening level is not yet available here. It will be reported on later this morning, but suffice to say, the index has fallen back almost immediately and it is pushing close to the 22,400 handle in the first 10 minutes of trading. As noted here earlier, the German election result was not what the markets feared but given the vote spilt there is still much uncertainty over how this will evolve in terms of a workable German government. That might explain the immediate fall back, but we shall see how the price action evolves from here on. The DAX is right now trading below that 22,400 marker, currently at 22,380