Back on Oct 22, I wrote a piece on US stocks vs. the rest of the world. I said that the outperformance of US stocks was ending. I personally sold US and bought rest of world. Since then the ratio has been in a trading range. Here's an update of the chart from that piece for the last 100 trading days:

So it's in a trading range, not really much change. That is to be expected. When there are big macro movements like the kind we are having now, people only think about the trend, not the differences. I still think it will break to the downside. Time will tell...