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Asian benchmarks once again fell overnight, adding to losses that make this month the worst since the middle of last year. Many investors are, however, applying positive spin; the fact that equities started the year at the most expensive levels in recent memory means that any near-term weakness in demand will help to mitigate fat tail events, where markets not only fall but crash. 

In any event, equities have struggled. And even though money supply change is a critical driver, it must be noted that a significant number of mega-cap firms have missed on earnings and guidance. This means that participants with longer horizons, not too concerned with near-term events, could be less compelled to support prices given the markets ability to keep growing the bottom line.

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