A Precarious Association

When the ECB announced plans for its own asset purchase program back in January, we commented on the big difference in the relationship between those purchases and equity performance when comparing the U.S. and Europe.  As the MSCI Europe Index hovers near decade highs (and asset purchases appear poised to expand at an accelerated pace over the next few months), this chart has us wondering whether or not we should brace for a rather unpleasant period in European equities: