Currently, the US markets are trying to built a base. As long as DJI is not under 8000, S&P 500 not under 850 and Nasdaq Composite not under 1600, the rest of the world market should continue to hold on or rally.
US is still the no. 1 consumer of the world and there are still deleveraging. Until the emerging markets consumer can replace them, we will have a lot up down movement.