The FTSE has a lot of similarities with oil below. Un till Dec. 2012 the series of 1-2s scenario was still valid (see previous blog) but quickly thereafter negated. Still all the other different possibilities that were mentioned in the context of oil apply here as well, perhaps because the Brits run such a well oiled economy.
The story is essentially the same except that everything is playing out at a little higher level. We would concentrate on the top line, the triple top line to be exact which runs at about 6600 on a monthly basis (in black on the chart). This corresponds with similar points in the DAX (total return index!), S&P and NYSE. Canada is nowhere near here, nor are most all of the other countries.