This week, the Ibex-35 index closed at 12,067.8 points. He has overcome the psychological barrier of 12,000 points and some experts believe can travel up to 12,500 points. Even if this were so, the walk is 3.5% higher. Is it worth the risk? My humble opinion is no. The problems that led to the stock market down in May and June, still remain. When the stock market goes up, it seems that we forget all the problems facing the economy such as inflationary pressures, high price raw materials, geopolitical tensions, etc, but those problems are still there. If the stock has risen in August is having low volume because it is easier to "make up" (and download).
IBEX I still think that can correct up to 11,600 points (if there are no problems in the economy) and up to 11,100 if repeated fears of the past months.
Regarding the OPA, this time he has had to BBVA. There is talk of 20 euros per share. My recommendation is to use the heater and the recent surge to sell. Metrovacesa
The OPA continues without significant changes.
regard to the recommendations of this week are:
Avoid the banking sector as which is the sector that has risen. Keeping it
Repsol and Telefónica for the long term, although in the short term we may see cuts, especially in REPSOL that is in a bearish resistance. If the above can go a lot (if it helps pretroleo price), but if you do not rule out cuts than to 22 euros. Ferrovial also
and discard bet for Endesa (we think it has uploaded what I had to go and what the OPA is to long). Back out ALTADIS
positions (it is almost 38 euros). By following the takeover rumors, you can keep going up, but in recent months has been moving sideways between 36 and 38 euros. Therefore, buying and selling 36 to 38.
From a Iberia recommend technically, since he has broken the downtrend, but caution, the problems remain.
I can not do many more recommendations, with the IBEX above the 12,000 point there is nothing cheap. Prisa and Sogecable may have been the hardest hit. Outside the IBEX
should continue to BME. Is at historic lows (just takes a few weeks of history.) Is 27.48. The feeling of the value is bad and may continue to fall. If it closes above the high of the previous day could be a buy signal, but at very short notice in a pricipio. Although the sector also rumors CORPORATE bag that could shoot the medium-term value.
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