We're approaching that time of year when brokers give us their forecasts for the FTSE 100 in 2014. It's never been clear to me how useful this exercise is; we shouldn't base our investment decisions very heavily upon something as unreliable as a forecast. However, if you do want some futurology there's one indicator you must watch - non-Americans' buying of US equities, as reported each month by the US Treasury.
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