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The Keeneland sales are critical to the US bloodstock industry. When analysing the sales, industry experts often focus on the strength of the buying bench which depends on the presence or otherwise of European, Arab, Japanese and domestic buyers. The experts debate the impact of variables such as changes to exchange rates or tax charges, the size and perceived quality of the catalogue, or tinkering with the sales structure through select sessions. The presence of the offspring of star stallions or fashionable stallions may also be invoked as a way of explaining the likely sales outcome. These factors are real and do have an impact but the best indicator currently available is much more straightforward-The Dow Jones Index. I consider the issue in detail in the September edition of International Thoroughbred magazine. To read the article click here