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.