Market Rally: Enjoy It While It Lasts

South Africa's Johannesburg All-Share (JALSH) Index continues to look promising from a technical perspective, but we remain constructive only over a short-term horizon. Since making a key break through nine-month resistance at 31,800, the JALSH has stood its ground above this level. A subsequent push through 33,000 would bode very well - sending the market to a new all-time high - but we caution that the current bout of global risk appetite is unlikely to last, given lingering concerns regarding the eurozone. Since the JALSH moves largely in line with global markets, our core view is for the market to

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