The foreign markets are faring better then the US stock marketsin this rally, foreign stocks are rising, even if not adjusted for the currencies, have risen more then US stocks. And the dollar weakened.
In dollar terms foreign stocks are doing much better than domestic stocks.
I think there is a much greater chance that in some of the foreign markets we have sees the lows. Stocks on many of these markets that I follow actually got cheap on a P/E basis, on a dividend yiled basis, on a price to book basis. Based on anything you want to look at.
Stocks in many parts of the world got dit cheap. they did not get dirt cheap in the US, they got less expensive then they were. The US market never became a real bargain like we saw at the end of major bear markets.
(transcript from the Wall Street Unspan)