European indices go vertical.

11/11/2020

Nothing unusual here as we are used to seeing vertical moves in stocks. French CAC is up 20% from its November lows (yes, +20% in two weeks), despite the country entering a hard lockdown a couple of days ago.

Moreover, the higher the index goes, the more steep rally the next day.  On Wednesday, it was up another 0.5% during the London session, with further gains likely throughout the day.

Additionally, the British FTSE 100 index, also known as the Footsie, is up 15% since November lows, rising every day. Impressive. The country has also announced a hard lockdown for the whole month, but that does not seem to worry the bulls.

Later in the day, the ECB President Christine Lagarde delivers opening remarks at the online ECB Forum on Central Banking. Since the ECB is getting ready to announce more stimulus in December, her words might prepare the markets for this. Should this happen, EU stocks might rocket further higher. 

The greenback seems to be unable to find its direction, and after the after-election slump, it is consolidating. However, most of the major pairs. are back in their medium-term sideways ranges. 

Metals were trying to recover from Monday's plunge, but so far, unsuccessfully. Both gold and silver remained under their respective bearish trend lines. 
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