Stock market: US, China and Russia

* US stocks. Depend on the interest rate esp. we're having record-high margin debts. It looks like the rate will start to rise in mid year but very slowly. So, we should have a decent sailing unless some unexpected events occur. I would use my chart described in my book to decide whether I should switch to cash.

* Chinese stocks are valued by judging the low P/E as a group. I prefer large Chinese companies only as there are too many frauds. FXI is not a bad one to start.

* Russia has the worst storm. It does not look good this year. However, the problem (besides the low oil price) can be reversed by withdrawing its conquest; Japan, take notes.