technicals, page-47

Japan has become the latest worry factor TDA. There is concern over BOJ decision to hold fire on stimulus stokes fears over future policies of world's central banks. The recent falls in the US were also triggerred by fears that QE may be going to ease. You can picture what will happen when QE is no longer there to support the market.....$85b a month has been floating the US markets higher, just like March 2009.

As for Oz, then China has been keeping us subdued along with materials weakness, and we have not benefitted from the party. Thats why the US market has been easier to trade in.