A computer screen displays index curves at the Frankfurt Stock Exchange. (Photographer: Ralph Orlowski/Bloomberg)
The budget came. And it went. That is about all that one can say about it. Whatever had to happen, happened ahead of the event. We had a nice 800-point rally from the January lows that carried towards the resistance posed by the January series volume-weighted average price near 16,700. There it seems to have halted. Now we are on to that old Ajit joke – the growth budget won’t allow it to go down while the bond markets will not allow...