DAX takes another step towards 20k

The DAX was the standout European stock market index on Friday. The index rose to set a new all time high, at 19,491 and did not close much below that level. So, it was another record close for the DAX on Friday, at 19,473, rising 235 points on the session. The way things look right now and despite whatever misgivings about the direction, the DAX looks like it is increasingly set on a path to reach 20k at some point in the near future. Whatever happens today, it is likely to set a really solid gain on the quarter. If you are looking for reasons why the DAX has performed so well lately then perhaps the answers lie in value hunters looking at PE Ratios, where the DAX remains cheap by comparison to its US peers and also by the prospect (according to money market pricing) of the ECB cutting rates many more times in the months to come. That said, the DAX futures are slightly in the red this morning, currently pricing a final daily opening for the quarter at around 19,440