The amount of capital that has piled into US equities since the November election is on a crazy scale. It has outranked every single asset class/stock market by several multiples. This is happening before both the anticipated tax cuts come on board and the bond rout goes global.

A bit surprised that European markets have managed to nearly/entirely erase their earlier 2016 losses considering everything that is going on in their backyard.

EM/FM stock market and their respective currencies will have a defensive/nasty 2017 if funds are only itching to have a piece of the American pie via dollar hedging, bonds or stocks etc.

Assessed independently, KE's affairs are shambolic and it will take time to undo. My estimate is at least one and a half years. Couple that with the fact that foreign participation @70/80% has been the life blood of the NSE for the last two years or so plus the global preference for dollar assets over a weak(er) KES by same investor class and you can see the difficulty in the market bottoming out so soon. Wanjiku activity has been low in the post GFC period and has declined further since the current bear run began.

Cbk turned on the spigots in September and October 2016 for some reason which is still unclear.

Banks' skeletons/underbelly will be exposed sooner rather than later, more so if most of them choose not to bite the bullet @FY2016 coz FY 2017 will be devastating if the same economic conditions persist or get worse. Something is rotten in that neck of the woods.

Thanks for the charts. I believe that bear run was part of an 8 year downturn (economy, NSE20 etc) where the market in particular tanked from 5000 in 1994 to 1000 in 2002. Interesting similarities to the current situation. I don't expect the bearish momentum to last eight years this time but I think the bear still has some leg room till sub-2000.