Steady as she goes really – another day of Europe building on opening highs, and volumes much healthier than what we’ve seen in recent times. Refreshing, to say the least. Saying that, there’s no shortage of pain out there at the minute as the main story continues to one of shorts being squeezed aggressively. ASML’s +74% rebound off April lows says it all; LVMH’s +24% lift is the same theme, on a smaller scale. Broker upgrades aside, positioning continues to take precedence over fundamentals.
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