The same theme continues to dominate across the global markets; more money is rotating out of the United States and flowing into international markets.
As shown in above chart, the S&P 500 has now fallen into red territory while many international ETFs are trading at new highs.
Poland $EPOL, for instance, has risen to the top of the leaderboard and is up +36% YTD while the S&P 500 is down for the year.
We would encourage you to go through this list of ETFs in the above table - it's only 44 ETFs. What you'll see is a large number of country ETFs making new highs and rallying significantly in recent weeks.
While one could argue this trend is extended to the upside in the short-term, the longer-term implications of such an aggressive capital inflow into international equities is significant.
We could be at the beginning stages of outperformance from global relative to the U.S - a trend we haven't seen for 15 years.
