IBEX 35 - Cold Spanish Winter
ESP35 or IBEX35 chart is a classic 'Go Short' example.
We like to hedge (Buy the strongest/ go Short on the weakest) and this one in particular is (still) the definition of the second category:
-The European Commission lowered its forecast for Spanish growth this year as the country's recovery from the COVID-19 pandemic lagged behind other European nations.
The commission estimates that the rise of Spanish gross domestic product will be 4.6% this year and 5.5% next year, almost two points less than earlier forecasts of 6.5% this year and 7% in 2022.
- in Spain — the eurozone's fourth-largest economy — GDP is 6.6% below 2019 levels.
(Germany has narrowed the gap to 1.1% compared with pre-pandemic levels, and France has reduced the difference to just 0.1%).
-Weak household spending and supply chain bottlenecks are weighing on the post-pandemic rebound.
- According to Brussels, Spain is the only EU country where economic activity will not return to pre-pandemic levels before 2023
Charts never lie. IBEX is expected to take a dip further. In the meantime it's our way to hedge our Long positions on other indices (as well as part of our exposure to Bitcoin...)
One Love,
the FXPROFESSOR
We like to hedge (Buy the strongest/ go Short on the weakest) and this one in particular is (still) the definition of the second category:
-The European Commission lowered its forecast for Spanish growth this year as the country's recovery from the COVID-19 pandemic lagged behind other European nations.
The commission estimates that the rise of Spanish gross domestic product will be 4.6% this year and 5.5% next year, almost two points less than earlier forecasts of 6.5% this year and 7% in 2022.
- in Spain — the eurozone's fourth-largest economy — GDP is 6.6% below 2019 levels.
(Germany has narrowed the gap to 1.1% compared with pre-pandemic levels, and France has reduced the difference to just 0.1%).
-Weak household spending and supply chain bottlenecks are weighing on the post-pandemic rebound.
- According to Brussels, Spain is the only EU country where economic activity will not return to pre-pandemic levels before 2023
Charts never lie. IBEX is expected to take a dip further. In the meantime it's our way to hedge our Long positions on other indices (as well as part of our exposure to Bitcoin...)
One Love,
the FXPROFESSOR
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