I'm a bit more optimistic about our market because it's people like me trying to make ends meet as self funded retirees and there is no obvious alternative to eke out 5-6% on equity other then the ASX (or international indicies).
Term deposits, high yielding accounts, bonds, property are all a bit of a mixed bag and no clear indication where they will be this time next year so I suspect a lot of us retirees have little choice between cash or the equities.
Yes there's all the fancy stuff like hybrids, etf's etc., but for readily accessible funds the ASX is still attractive for me because we didn't reach those dizzying heights like the yanks. The lower dollar will also help the materials sector in the short term.
