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I have been watching the latest US rally with some interest and each night when I review the markets I notice an interesting thing. The rally is extremely lumpy in its distribution.

Have a look at the graph below which compares the rally in the major US indices to the FTSE100, ASX 200 and the Nikkei 225.

As a block the US has done well, lead by the Nasdaq which has been dragged up by the likes of Apple. However, the gain in the S&P500 shows this to be a rally with broad support. The basket cases of the group are undoubtedly the Shanghai Composite and the ASX200.

The case could be made that whilst China is rooted in terms of market sentiment then we will largely be rooted as well.


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