It's starting to look like a bull market – at least if you go by the official figures rather than the doom and gloom in the mainstream media. The year-to-date figures are actually quite impressive.
A couple of caveats, however. The last week of December 2011 was pretty dreadful – the market fell by over 3% on almost no volume. On the flipside, the accumulation index (which includes dividends) doesn’t take into account the benefits of any imputation credits to a super fund – so on paper, the after-tax performance of some funds this year could be looking quite healthy.
As has been the case for a while, this doesn’t tell the whole story – the variances in sector performance have been quite marked.