Party like it's 1999.

The world equity markets are nearing 2000 highs. Is this good or bad? I have no idea, but this chart doesn't bode well for US markets as the $SPX and $NDX still well off the 2000 highs and are not confirming the strength of the world indices.

The strength of the world equity rally shown above must be questioned and leerily watched, if the world's biggest economy is not participating. Or conversely, the bullish case is the the US will outperform the world markets soon.