S&P Outperformance

The S&P is powering ahead, while the world indices lag behind.  Does this mean that the US is out of the woods and going to take over the leadership?  I doubt it.  It just tells me that the rally is long in the tooth, and the initial laggards are starting to catch up to the leaders.  I view the emerging markets as the first movers, either up or down.  First it was China that lagged behind, and today with another gap down, the European indices have shown notable relative weakness.

INTC blew out earnings and is a sell the news phenomena, a much publicized one.  So a reverse of a reverse psychology would mean one has to buy the good news, because so many people are thinking that good news will be sold.  JPM earnings brought down the futures a bit but the stock itself didn't react much.  Odd.  I am leaning towards buying this gap down, because this market is not near term overbought.  It is too dangerous to short such a strong market that is not overbought, despite the bullish sentiment.