Keep an Eye on Germany

• Posted by Robert Sinn
• on August 30th, 2011

The eurozone is still driving the global financial market bus, namely Germany and the large money center European financial institutions such as $BCS $DB $STD $UBS to name just a few. Most traders who trade US markets keep a close eye on the European markets until the European close at 11:30am EST each day. In fact, we have often seen rallies begin in the US markets immediately following the European close almost out of relief that Europe couldn’t cause any more damage for at least a few hours. The charts of the $DAX and Germany’s largest financial institution don’t look very promising, have a look:

 

 

And now a rift appears to be forming between the EU and the IMF after IMF Chief Lagarde’s speech at Jackson Hole over the weekend. Whether you like it or not, if you are trading these markets right now you have to keep an eye on Germany.

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