David Fuller's view I have only received this report today and with meetings and now office carpet replacement as I type this copy, I have not had more than a quick scan. However, I have been saying recently that I would not be surprised if China outperformed, for a change, due to easier monetary policy.

The Shanghai A-Shares Index, which I have frequently shown, has probably formed a higher reaction low which would be confirmed by a sustained break above 2600. I would give this outlook the benefit of the doubt, provided we do not see another countermanding downward dynamic such as the large key day reversal from just below 2600 on 14th March.

Those of us who are not citizens of China mainly deal in shares listed in the Hang Seng Index (weekly & daily) and the Hang Seng China Enterprises (H-Shares) Index (weekly & daily). Currently, a close beneath 20,000 by HSI would be require to indicate a further test of underlying trading before this year's highs are exceeded. Once we have new highs for the year, I would not be surprised if a self-feeding uptrend occurs as more of the many China bears are converted to a bullish hypothesis. The real move may not get underway before 2H 2012, as the report suggests, it should be rewarding when it occurs.