The stockmarkets are in the hands of Japan and China, they being the largest holders of US securities. With Greenspan being asked to stay on until middle 2006, there is a distinct possibility that our market will go a lot higher yet; that would make the current position a standard correction in a bull market. As we are unlikely to be told directly that the US will be supported a bit further we can only look at the latest agreements on tariff changes for guidance. As I was previously quite bearish, I will watch closely for further signs that liquidity will continue to be provided to the market by the Asian majors.
