But is it possible that because of the weak economy in China the Chinese also print money which is a possibility. If they did that, the Yuan would weaken. [The Chinese Stocks] have been essentially under-performing the US since 2006 and so my belief is that if China decided to print money and currency weakened , money would flow into equities. The other reason I am reasonably positive is the valuations in Hong Kong is relatively depressed, because you can buy property companies that sell at a discount of 40 to 50 percent of Net Asset Value. Now the Net Asset value may not be correct as property prices in Hong Kong could decline as they have over the last 12 months. But still you have some cushion of security. Moreover Hong Kong shares have a relatively high dividend yield compared to other markets.
So if someone says I'm very bullish on the US stock market, I would rather own Hong Kong shares instead of S&P because they have better value.