After a shy bear in 2012, a timid bull in 2013...

BANZAI! Japan bottoming up, Europe aussi, but US at the top & loosing steam, Korea reversing...Commodities are testing resistance & may break up...and 10Y  bonds are starting to fall...
The signals are pretty clear: Buy Japan, Europe...In that order
The technician - that I am - have just diligently listen to the signal and bought, but 2013 is not 2009. 
In Feb 2009, I bought with confidence (when most were panicking)...I was one month too early admittedly, but I eventually doubled faster than I expected...
This time the charts are also clear, but I am not as confident as in 2009 for fundamental reasons...So I will be extra careful to cut my positions if wrong....


Nikkei Quarterly chart

Nikkei has broken up a 4 year range, with momentum that is still upward.
The index is heading in the next 2 quarters towards the top a 10 year downtrend, ie around 14000 ... the next resistance is 17000.

Is Mr Abe going to as strong as Super Mario? 











Eurostoxx 50 monthly chart
 

Last month I highlighted the index was testing a key resistance, well the break is confirmed and momentum is still positive.
Target is  3000 in the next couple of months, then next resistance is around 3300...













S&P500 Quarterly chart

S&P is at the top of a 13 year range, and overbought. As a rule I do not bet on break.
So though momentum is still upward, it is not a buy. I 'd say a sell if you were long as we test the highs...


 













CRB Index monthly

The CRB index (composed of commodities) is trying to break a downtrend with positive momentum

















Conclusion:
Buy Nikkei for 30% upside for the next 6 months, Buy Europe (CAC, or Eurostoxx50) for 15% upside, with more confidence on the Nikkei.
I would not buy US, I think it is to underperform, and if you are long , Sell....

Happy investing!