The ASX doesn't seem correlated to anything any more..... except order flow
I think the problem with institutionalizing the asset management industry in such a concentrated manner is that it has encouraged a great deal of the long only equity managers to just hug the index. So, they are effectively being paid to do nothing until they have to.
When market participants concentrate not on making money or not but on beating an index it makes the market devoid of opportunities for active people. Add in the HFT fleas and it takes out a great deal of the forward looking nature of what a stock market is supposed to be about
I look at our market and see some serious issues and fear that people will soon start giving up
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