>>> a Year ago SX5E @ 3,046 with Eur$1.1850 WTI $56.15 SPX 2050 SHCOMP 3378

>>> a Year ago SX5E @ 3,046 with Eur$1.1850 WTI $56.15 SPX 2050 SHCOMP 3378

--> European Macro look better for 2016 than for 2015 (helped buy USD & Oil)

--> China impact not as that big as since Aug. lot of people a much less exposure to China, mkt move are very local and very technicals

--> Saudi/Iran tensions are not a real factor to push mkt lower

--> Still some concerns on US Credit Market but nobody is talking of that on the last few days

--> I agree that US Market look stretch where is trading but will see decent buyer coming in below 1,900 levels, still some decent share buyback to come in 2016 ($615bil vs $560bil in 2015)

--> Investors looking to support on SX5E ~2,990 levels, we could see 2,870 as ultimate support as bottom of lower trend - see below