Something we've noted in recent weeks is how the United States is falling down the list. Unsuspectedly, we think this is actually rather bullish.
This is because American equities aren't weak - quite the opposite! They're trading at all time highs.
Instead, we're seeing more countries beginning to participate. This points to a growing number of opportunities forming outside the United States; this widening of global breadth is bullish from a macro perspective and suggests this is a global trend, not just a domestic one.
Quantifying this, while the US is still in the top half of the power rankings table, its position has been falling for many weeks now.
