this is what JP Morgan has to say;;;Commentary US equities have underperformed global equities by some 22% since 2002, during which time the US has seen a significant reduction in its weighting in the MSCI world equity index. This has been further compounded by the weak dollar over the same period. The relative downtrend remains intact suggesting that Wall Street is not available to lead a rebound in other equity markets: leadership will have to come from elsewhere. Key European equity indices are retreating from strong resistance levels and have broken support while emerging markets, which led the equity rally of the past couple of years, have broken below support. Of the BRIC equity markets, only Russia has not broken below multi-year bull trend support: Brazil, India and China are below support dating back to 2003 and we expect on-going weakness (see chart above). In the last week, Hong Kong has broken below primary bull market support giving a new technical sell signal. We remain equity bears. On the JSE, our long-term chart of the all share index has support at 27000; our medium-term chart provides the next key support level which is at 25000.
