DOW and the yen. Japan keeps the US stock markets moving higher. See the last three months how the yen has fallen sharply and compare with the DOW. Who decides which value the yen should have against the dollar. In my personal opinion it is and havs been since 1983 the USA. China understood this and did not let the renminbi be free for trading.

DOW month 2007 - 2014
DOW is up about 42 percent since the yen top. When the dollar goes up the Japanese buy US blue chips. Profit since 2012  together with currency change give close to 100 per cent today. That is why I always has said that it is the Japanese who lift the US stock market. Compare the charts and forget about European and American investors.

USDJPY. Dollar against yen. When trend goes down the dollar gets weaker. At the bottom 2012 the dollar bought 75 yen. Today it is 116. Japan has the worlds third biggest economy. At the bottom they bought dollar and put about half in bonds and half in US stocks. This has happened since 1983 when I started.