The Ibex refuses to correct and hits its annual high again

The Ibex 35 closed practically flat (+ 0.02%; 9,205.50 points) after closing last week with accumulated increases of 0.65%, which has helped it to renew its annual highs. The experts of Bolsamanía say that the selective continues to draw increasing lows, so "the most normal thing is that we end up seeing an extension of the increases to 9,500 points". The first support level is at 8,800 points.

The rest of the European indices have risen moderately this Monday (it has been a holiday in Germany for the day of Pentecost), while Wall Street rebounds at the beginning of the week. In Asia, the green numbers have clearly dominated this morning.

In the business sphere, investors are watching Indra today, which has been the most bearish of the selective (-4.7%) after sinking almost 8% last Friday after the decision of the SEPI to dismiss its president , Fernando Abril-Martorell.

The uncertainties that arise after this change in the directive are worrying, especially the possibility that the purchase of ITP will be resumed, with the capital increase that would be necessary for this.

Banco Sabadell has also corrected strongly, although in this case the falls are normal after the very strong gains accumulated by the stock in recent weeks. The rest of the banks have registered a sell-off, although more moderate.

On the more positive side of the Ibex, the increases in Cellnex, Amadeus, Meliá and Aena have stood out. This indicates that investors continue to discount a solid recovery in tourism in the coming months, as the coronavirus pandemic is controlled in Europe.

THE BITCOIN VOLATILITY CONTINUES

The bitcoin shoots up to $ 37,600 (+ 14%) after sinking again this Sunday below $ 32,000 amid the news that indicates that the Chinese and US authorities intend to tighten the regulation (also related to the ' mining ') and the tax requirements regarding the cryptocurrency.

Bitcoin fell around 16% on Sunday to $ 31,772. The world's largest 'crypto' was trading at $ 35,891 on Friday afternoon after a very difficult week in which it collapsed by 30%.

The news of more restrictive regulations adds to everything Tesla CEO Elon Musk has done and said about bitcoin in recent times. Musk dealt a severe blow to the cryptocurrency earlier this month when he announced that the automaker has decided to suspend the decision to allow buying its cars with bitcoin on environmental grounds.

"Once again, I reiterate: government / regulatory risk now represents an existential threat to the virtual currency space," remarks Jeffrey Halley, an analyst at Oanda, in his daily report.

Ethereum is now up 24% after plummeting as well, to $ 2,450.

BEWARE OF BUBBLES

Nobel laureate in economics, Robert Shiller, fears a bubble is forming in some of the most attractive markets.

According to 'CNBC', he is especially concerned about housing, stocks and cryptocurrencies, where he sees a "wild west" mentality among investors.

Although record rises in stocks and cryptocurrencies have taken a breather in the past two weeks, Shiller is concerned, while he is especially uneasy about the latest housing boom.

"In real terms, home prices have never been higher. My data goes back more than 100 years," said Shiller, co-founder of the S&P CoreLogic Case-Shiller Home Price Index. "I don't think everything is explained by central bank policy. There is something of the sociology of markets in what is happening," he added.

OTHER MARKETS

The euro appreciates 0.3% and is now trading at $ 1.2218. Oil advanced more than 2%, to 67.98 dollars for Brent and 65.24 dollars for West Texas.

Gold adds 0.4% now, to $ 1,884, and silver 1.5%, to $ 27.92.

The yield on the 10-year American bond falls to 1.59% and the yield on the 10-year Spanish bond falls to 0.54%.