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DAX extends gains to set new records above 18,350

Well, since the last update here, the DAX has now lifted  more dynamically and risen above 18,350 a short while ago. That means we are setting fresh records this morning and at the same time pushing the overbought status of the index a little more. It is not at extreme levels yet, but it is getting closer all the time. The market is right now ignoring that though and the relative cheapness of German stocks compared to the US remains a key driver. The record gains in the DAX this morning is also further underpinning the outlook for the US opening later on. The lack of any rebound in the dollar is also a factor at play here, as the EUR/USD continues to edge a little higher. The DAX is just now trading around 18,345 

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