Eoin Treacy's view Taiwan was an underperformer for much of the year as smaller ASEAN markets attracted investor attention and posted significant returns. A certain amount of rotation out of some of this year's better performing indices is evident with Indonesia having moved into a ranging consolidation, while larger cap markets such as Taiwan are moving to positions of outperformance.

The TWSE was one of the best performing markets in 2009, spent much of 2010 ranging in a gradual unwinding of its overextension relative to the 200-day MA and broke upwards to new recovery highs earlier this month. While a little overbought in the very short-term a sustained move below 8500 would be required to begin to question medium-term upside potential.

Singapore broke upwards to new recovery highs in September and has been consolidating above 3000 since November. A sustained move below that level would be required to question medium-term upside potential.

The Hong Kong Hang Seng also ranged for the better part of a year and broke upwards to new recovery highs in October. It has since pulled back to test the upper side of the previous range and the 200-day MA. Provided it continues to hold above 21,000, the medium-term upside can continue to be given the benefit of the doubt.

Korea is currently testing the 2007 peak above 2000 and has become somewhat overextended relative to the 200-day MA. However a sustained move below 1900 would be required to question medium-term potential for a successful move to new highs.