If you follow the European stock markets, you will not want to be without the Investors Intelligence European service. In addition to II's daily market statistics email and our great online charting tools, our weekly analysis coverage includes the major regional indices, European sectors and of course long and short picks on individual stocks.
II's European analyst is Michele Affortunati. A native of Florence, Micky joined the team in 2005 and has worked on the intitutional team in London before picking up responsibility for II's European coverage last year. Spotting a breadth divergence on our "All Europe" breadth group back in January this year, here's what he had to say on January 26:
"Stock indices in Europe declined sharply over the last week. The combination of increasing uncertainties in the banking sector and the tightening of the monetary policy in China are the main causes for these corrections.
The DJ Euro Stoxx 50 broke the 100-day MA and tests today sideways support at the December lows at 2800. The 14-day RSI is oversold, but made new lows, highlighting the depth of the correction and signalling the probable end of the uptrend commenced in March last year. Although oversold rallies are possible, we think they will be short lived."
A bold call to make in January, some might say, but the subsequent volatile and rangebound behaviour of the major indices bears the theory out.
Given the problems the Eurozone faces - exploding public sector debt, slow economic recovery and political friction building up between the wealthy northern states and the poorer southern members, investors will continue to see plenty of both risk and opportunity going forward.
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