Contrary to popular belief, we're not just Americans. We're earthlings.
I think that gets forgotten, especially after the United States stock market outperformed practically everything else for so long.
You have a combination of home country bias and you have the recency bias layered on top of that.
So when U.S. Technology is an underperformer, as it has been since last summer, many investors with too much exposure in those areas are blinded by their losing, to see all the winning that's going on around them.
China, for example, just closed the week out at new 4-month highs. The CSI 300 is basically the S&P500 of China, and just closed at the highest levels since early November.
Meanwhile, you're seeing the German DAX this morning working on the highest weekly close in the country's history.
Whether it does or doesn't, the relative strength in Germany has been off the charts, despite any selling pressure you've seen in the U.S.
Keep in mind that outside of the American Indexes (S&P500, Dow & Nasdaq), I would put Germany right at the top of the most important markets list.
This is a very big deal, especially when you see how much Industrial and Financials exposure there is in the DAX:
And when you broaden it out across Europe, you're seeing the same strength.
The resilient uptrend and consistent bid in areas like France, Spain, Sweden, Italy Greece and others really stands out in a tape where I'm being told the bull market is over.
It's hard to have any kind of credit event out there with massive economies like China and Europe doing as well as they're doing.
You can even add the strength in Copper to that argument too.
For me, the bearish angle here is that the U.S. is falling first, and then the selling is going to spill into these other areas any moment now.
And maybe it does. But we have not seen it yet. It's just been the opposite.
So let's bring it back to the U.S. stock market. Here are the Hall of Famers, which represents the largest companies in the United States, and they're sorted by relative strength:
These are the best and strongest of the biggest companies in America.
Are you not entertained?
I'm putting money to work here.
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