TT, please only take this as my personal point of view, because I'm about to disagree with your statement. Just understand where I am coming from with the statement, and then you'll understand my disagreement.
From a forecaster's point of view, I consider each market individually. As an example, I might look at the EUR/USD, DJIA and Nifty. I treat them as entities unto themselves. MT, I see all three of those markets headed for a further drop, but I do not draw parallels with respect to forecasting just because of that.
Markets do tend to have giant moves at one time. Precious metals are all compared to the USD. If the USD had a giant move then everything else is moving with it. So if you are looking at indexes, and notice strong moves, then the corresponding markets as compared to those indexes moved with it.
A trader's point of view is even more key. I think where people err is in comparing Nifty (for example) to the INR. They say INR is moving up, and so I am going long on Nifty. Wrong choice! If INR is going up, then go long on INR and leave Nifty alone.
Another reason I don't like fundamentals is because the stereotypes can be misleading. Our country's economics have been getting progressively worse for the last 3 years. Up until 4 months ago, the stock markets was on a steady rise. The rise could be seen through the eyes of the TA's, and the reversal was also predicted. If anyone bought into the political hype over the past several years, your bank roll would have bankrupted.
There is only one correlation that is unarguable. That is the mathematical correlation between all currencies. If you are not aware of it, every currency pair you can think of moves in sync with each other, and it can be proven beyond any shadow of a doubt. I've proven that before. If you missed it, I'll do it again.
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