Can the Dax rally last?

German blue chips have almost tripled since the bear market bottomed in March 2009, with the Dax index now at a new record peak around 10,000. But the air is getting thinner, as Wirtschaftswoche puts it.

Technical analysts have noted that market momentum has ebbed in recent weeks and stocks have become more vulnerable to pullbacks. Things look worrying from a fundamental perspective too.

Like its major global counterparts, the Dax is less a domestic than a global barometer. Most of the 30 firms in the index are large exporters and around 75% of all the firms’ sales are [...]

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