Lead,
first by the U.S. markets, and then one-by-one, global equity markets started
to follow and advance.

Japan’s Nikkei, one of the key world indexes, broke to a new high in Q4 and
then advanced to a new 10-year high in February.

The collective STOXX Europe 600 surged to a new post 2009 level in Q1 and is
set to retest the old 2007 high of 400.31 in the weeks to come.

Even commodity-laden indexes like the Australia’s All Ordinaries (ASX) and
Canada’s TSX, are breaking out and advancing to new levels.

Numerous other key world indexes such as India’s BSE, Hong Kong’s Hang Seng and
China’s Shanghai are also following in the upward trend.

Bottom line: We see this positive outlook continuing into Q2 and believe many
world indexes will achieve new highs in 2015.

Investment approach: We suggest investors remain long in 2015 and weight
portfolios toward non-commodity industry groups and indexes. The lower chart
highlights our rationale. The S&P 500 has outperformed the Commodity
Research Bureau Index since 2012.

Donald W. Dony, FCSI, CFTe, MFTA

D. W. Dony and Associates Inc.

4973 Old West Saanich Rd.

Victoria, BC  V9E 2B2

Ph. 250-479-9463

Fax. 250-479-9417

www.technicalspeculator.com