The two charts below are the Aussie-Yen and Euro-Yen, they are both great measurements of how much "risk" is out there (risk is good for stocks). The important thing to keep in mind is the forex market is much bigger than the stock market, so what happens there can ripple into the US stock market. One very interesting aspect of these two currency exchanges is that they are both highly correlated to the SP500, and when they start making divergent tops versus the S&P500, they tend to be where the S&P500 correct to. Right now, the Aussie-Yen & Euro-Yen are both making higher highs, while the S&P500 is making lower lowers. I suspect the elections and the Fiscal Cliff is causing extra volatility in the US market that is not felt in other parts of the world. IF the charts below are correct the S&P500 has more upside ahead.