The more I look at it the more I am convinced the XJO is tracking sentiment for the Australian Economy b/c whilst we have the resource rich states doing well there was talk of Victoria looking down the barrel of a recession today and SA and Tas are probably already possibly there....
Lack of XJO performance has much to do with poor economic indicators of late coming out eg March 6th GDP figures disappointed the market the economy expanded by only 0.4% in the Dec qtr, missing expectations by economists for growth of 0.8%.
US Economic Indicators improving (forget the deficit ha!) = DJIA etc improving and money out of bonds into the equity market. Whilst the Chinese have only just recently started buying US bonds again (and no doubt stocks).
Take a look at the graph in this article titled S&P500 correlation to news flow:
SocGen: The Market Is Experiencing THE ARCHIMEDES PRINCIPLE
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