It’s not just a handful of stocks. It’s not even just stocks in the United States. This is a global bull market.
True, some parts of the market have failed to participate very much at all. But this bull market was never about just a few stocks. If it were, US growth stocks would stand alone atop the global leaderboard. Instead it’s a 58% gain for the CPTX Index in Poland that holds the banner. There’s no currency funny business driving that either. The returns below are all in USD terms.
We’re not trying to say returns in the US have been bad. The NASDAQ Composite is number 3 on this list and up 37% over the last 12 months. That’s nothing to sneeze at. What we trying to say is that this rally is broad. Stocks in Hungary, Denmark, Greece, Japan, Brazil, India, and Taiwan are all on par with the returns achieved by the US-based S&P 500.
It’s a global bull market.
At least 70% of the global indexes that we track are above rising short, intermediate-term, and long-term moving averages. Less than 20% are below a falling moving average.
That’s not something you see in bear markets.
Neither are new highs. Check out this huge breakaway gap for the Taiwan Stock Exchange Index.
Japan just entered a recession according to most economists, but the stock market doesn’t seem to care. The Nikkei 225 just surpassed the all-time highs that were set more than 30 years ago! That’s not bearish.
The STOXX Europe 600 just hit new all-time highs itself.
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