redback report, week ending 7 december, 2012, page-4

Fascinating stuff Redbacka.

Definitely agree that despite the XJO climbing its "wall of worry", it is being led by defensive high-yielding blue chips all the way.

Be interested in your comments regarding the tabulated data below.
(apologies in advance for quality of table presentation - not my forte, sadly).

Small ords along with Shanghai composite, the only ones in negative territory for 2012. Small Ords 12.4% below Top 200 and Top 100 stocks this year.
German market in particular going gang-busters (no surprise, given risk-off global economy), but the French market (where I am currently based) is definitely a surprise. Normally the French are more risk averse than we Aussies, but coming off such a low base where many local stocks and banks have been systematically hammered for a long time, they are making a strong fight back this year... all in the face, however, of a continually struggling economy).

In the ASX, the Energy and Materials sectors are also negative for 2012 and Industrials sit just above flat to round out the three worst performing sectors.

Health sector (incl CSL) up 45%, Telcos incl TLS) up 30% and the Banks and Consumer Staples up by around 20%.

None of which seems bullish.

Maybe production numbers out of China today may spark a little interest, but for my money, unless Energy & Materials (and the speculative side of the market) starts a move north, there is no chance of 5,000 XJO any time soon - and more likely, we head in the opposite direction.

Index	9/12/2012	31/12/2011	31/12/2010	31/12/2009	31/12/2008	31/12/2007	31/12/2002		10yrs	5yrs	v2008	v2009	v2010	YTD
DAX	7,517.80	5,848.78	6,972.10	6,011.55	4,810.20	8,045.97	2,898.68		159.4%	-6.6%	56.3%	25.1%	7.8%	28.5%
Hang Seng 40	22,191.17	18,593.06	23,035.45	21,872.50	15,042.81	27,519.69	9,321.29		138.1%	-19.4%	47.5%	1.5%	-3.7%	19.4%
Nasdaq 100	2,640.54	2,277.83	2,231.63	1,878.65	1,173.15	2,107.05	989.89		166.8%	25.3%	125.1%	40.6%	18.3%	15.9%
CAC 40	3,605.61	3,127.56	3,890.65	3,959.98	3,217.13	5,627.25	3,063.91		17.7%	-35.9%	12.1%	-8.9%	-7.3%	15.3%
Japan 225	9,527.39	8,455.35	10,228.90	10,638.10	8,859.56	15,413.40	8,714.05		9.3%	-38.2%	7.5%	-10.4%	-6.9%	12.7%
SPX 500	1,418.07	1,263.02	1,257.64	1,126.42	869.42	1,478.49	879.39		61.3%	-4.1%	63.1%	25.9%	12.8%	12.3%
S&P/ASX 200	4,551.80	4,071.10	4,745.20	4,833.30	3,654.20	6,339.60	2,992.70		52.1%	-28.2%	24.6%	-5.8%	-4.1%	11.8%
SmallCap 2000	822.27	741.50	782.40	632.20	482.30	773.90	379.00		117.0%	6.3%	70.5%	30.1%	5.1%	10.9%
US 30	13,155.13	12,287.00	11,569.70	10,545.40	8,776.39	13,359.60	8,332.85		57.9%	-1.5%	49.9%	24.7%	13.7%	7.1%
FTSE 100	5,914.40	5,572.28	5,899.94	5,412.88	4,392.68	6,456.90	3,900.60		51.6%	-8.4%	34.6%	9.3%	0.2%	6.1%
XSO	2,195.00	2,207.60	2,892.50	2,611.70	1,647.10	3,845.40	1,487.40		47.6%	-42.9%	33.3%	-16.0%	-24.1%	-0.6%
Shanghai	2,061.79	2,199.42	2,759.58	3,277.14	1,820.81	5,361.57	1,319.87		56.2%	-61.5%	13.2%	-37.1%	-25.3%	-6.3%

		2004	2005	2006	2007	2008	2009	2010	2011	2012		ASX 200		YOY
Consumer Discretionary	XDJ	23.7%	14.0%	40.8%	36.0%	-39.2%	-16.9%	-23.3%	-40.4%	-33.1%		3.30%		12.3%
Consumer Staples	XSJ	30.2%	37.2%	71.3%	105.3%	40.2%	80.6%	78.4%	69.7%	105.6%		8.60%		21.2%
Energy	XEJ	42.1%	125.7%	146.5%	223.9%	157.8%	226.7%	226.6%	158.6%	146.9%		6.60%		-4.5%
Financials	XFJ	20.0%	38.9%	69.1%	64.8%	-11.9%	19.2%	8.2%	-2.9%	16.3%		42.20%		19.8%
Health Care	XHJ	36.6%	88.8%	130.6%	183.2%	154.1%	161.3%	166.7%	138.5%	247.3%		4.20%		45.6%
Industrials	XNJ	33.6%	48.8%	71.8%	77.1%	-9.1%	9.7%	2.5%	-8.3%	-7.0%		6.50%		1.3%
Information Technology	XIJ	33.1%	51.6%	90.6%	96.1%	52.9%	132.6%	112.6%	72.6%	102.9%		0.70%		17.5%
Materials	XMJ	21.5%	69.1%	94.9%	179.5%	60.4%	134.0%	157.8%	93.7%	84.8%		21.40%		-4.6%
Telecommunication Services	XTJ	4.0%	-13.5%	-11.6%	-0.9%	-23.0%	-30.3%	-43.0%	-32.4%	-11.5%		4.70%		30.9%
Utilities	XUJ	23.6%	55.9%	90.7%	80.6%	17.4%	18.9%	21.2%	25.2%	39.9%		1.80%		11.7%
Small Cap	XSO	21.3%	39.5%	80.1%	103.5%	-8.5%	38.2%	53.1%	16.8%	16.1%		-		-0.6%