Merger fantasy and still strong economic data are protecting the market from a major correction. We could see another short term rally.

Investors are taking profits in insurers because it (the sector) has been one of the top performers since October.

The Fed comments are well received by markets in the short-term, particularly for retail shares, on which many funds are underweighted, because consumers might now get more money to spend.

The sentiment for the whole telecoms sector has now cooled down.

The gas row between Russia and Ukraine should further support the sector.

Telecoms and tech stocks (also) still get hit by France Telecom's sales warning.

We have had a great run in the European market, and especially in Germany, but we're in the last stages of this bull run.

Oil and gas shares are shining at the moment: Rising oil prices are lifting the shares which are also undervalued and offer attractive dividend yields.

Car shares are undervalued at the moment, though the gains cannot disguise the sector's problems.