Sentiment indicator of Deutsche Börse
Market sentiment
Opinions make markets: Every Wednesday, Deutsche Börse 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 January 21, 2026: "Domestic investors prefer not to be bullish"
Professional investors are responding to the critical geopolitical news situation and falling stock prices by closing out short positions and buying stocks against the trend. The sentiment index rose by 16 points to -2. Joachim Goldberg sees this as profit-taking by former bears and taking advantage of lower entry prices. Private investors, on the other hand, sold stocks and, in some cases, went short. The behavioral economist believes that, in some cases with losses, they have pulled the ripcord in a falling market in a disciplined manner.
Overall, he sees a neutral starting position ahead of the important event risk, Donald Trump's speech in Davos. Goldberg expects sales by professionals if the expected recovery fails to materialize afterwards. “From this perspective, the DAX is weighed down in terms of sentiment.”
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
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.
Deutsche Börse 
