Sentiment indicator of the Frankfurt Stock Exchange

Market sentiment

Kleine Skulptur von Bär und Bulle auf der Galerie

Opinions make markets: Every Wednesday, the Frankfurt Stock Exchange surveys the market expectations of active investors and has the results interpreted in accordance with the findings of the behaviour-oriented capital market analysis, Behavioral Finance. The analysis is published here around 4 pm.

Market sentiment analysis as of 26 November: "More optimism than ever before”

Joachim Goldberg

Not an all-time high for the DAX, but for market sentiment. Nineteen percent of medium-term professionals have closed their short positions and 18 percent have gone long. This has lifted the Deutsche Börse Sentiment Index to 57 points, its highest level since the survey began almost 25 years ago. Behavioral economist Joachim Goldberg suspects that many of the bears have made good profits. The situation is similar among private investors, albeit somewhat more subdued. 14 percent are no longer short, of which only 9 percent are now long in DAX stocks. For Goldberg, the seasonal effect of the approaching turn of the year is smaller for this group.

Overall, however, he does not yet consider the mood to be euphoric, as the DAX is still a long way off its record high. In his view, the majority of today's bulls entered the market at higher prices, between 23,750 and 23,800 DAX points, and have now reduced their positions with additional purchases. This could lead to supply. He sees danger on the downside because no potential demand is to be expected from the short side.

Your opinion counts: Market expectations of investors

All interested investors are invited to participate. It takes only 15 seconds. Every Tuesday you will receive an e-mail with a survey link. You will receive the results of the analysis by e-mail.

Sentiment analysis now also available as a podcast

You can listen to or download the sentiment analysis directly from this page.

Of course, it's also available on the usual podcast platforms Spotify, iTunes, Podcaster, Amazon, Google, where you can subscribe to it.

Method

Xetra-Händler vor Monitoren

Investors with bullish expectations are long, investors with bearish short. Cost prices and imbalances can be deduced in particular from the changes. Often the sentiment index functions as a counter-indicator because there is no potential demand, but this does not fit in every market situation.

Joachim Goldberg

For more than 30 years, Joachim Goldberg has been dealing with the interaction of people and markets. But it was not until he discovered the psychological influences on the financial markets that the graduate banker and former currency trader thought he had come close to what drives and moves the world of finance.