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.

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

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

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

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

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.