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The plight of international equities for the last twenty years is well known to most investors, but in the last month or so, we've finally seen them break out to new all-time highs above two key resistance levels.  Below is a chart of the MSCI All World ex US index, which basically tracks international equities as a whole.  After a massive move higher in the first half of the 2000s, the Financial Crisis did a number on international stocks, and by the time COVID rolled around in early 2020, they had just barely gotten back to their pre-Financial Crisis highs.  International equities recovered from the COVID Crash much more slowly than the US, and it has taken until this year for them to finally break out again.  Are we now finally set for another big leg higher in international equities as the US works to make new trade deals with both friends and foes?

The massive underperformance of international equities versus the US can been seen in the chart below.  Since the end of 1987, the US has beaten international equities by nearly 9x, with the S&P 500 gaining nearly 2,500% compared to a gain of 288% for the MSCI World ex US.

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