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VEU - Global Stocks Ex-U.S. Have Been In A Bear Market Since 2007
Vanguard FTSE All World Ex US
For many years, as I have tracked the progress of the final cyclical bull market of the secular Supercycle from 1949, I have contended that global stocks, excluding the U.S., had entered a bear market in 2007 and would largely fail to confirm the new highs in U.S. markets. On any time scale, one of the harbingers of an eventual top is the non-confirmation and non-participation of broader groups and indices in the new highs and movements of narrower and narrower groups and sectors. This is called narrowing breadth, in technical terms. So, the fact