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DAX edges back from record opening levels

As expected and as expressed here ahead of the European opening today, the DAX did reopen in uncharted territory. That is because it resumed live trade at a level it has never been at before until today. The DAX kicked off the session at 16,565. It then struggled to make much progress, topping out earlier at a new all time high of 16,572. It has since edged backwards a little, but relapse has been modest and not delivered much in the way of downside. The low seen so far has been set at 16,536. The bulls look like they still have the ball, but of it is also hard for many short-term operators to dive in at these lofty levels, as any decent pullback can lead to trader uncertainty, about whether they have paid the top of the shop to get in on the action. That is always an issue when any instrument reaches uncharted territory to be honest with you. That does not detract from the current trend though. The index is currently trading at 16,548
 

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