Since the announcement of European QE, things across the rest of the world have started to perk up. Even in a strong uptrend, the market pulls back. The caution flag that showed up on VEU last week is troublesome because of the timing and chart position. Recently we had all markets a-blazing and new highs were everywhere around the world. I was very optimistic with the large number of participating markets world wide. Then the new highs didn’t hold and everything rolled back over.