Asia Divergence

Ever since last fall, there has been a growing divergence between the equity markets of Asia and the U.S.  These divergences foreshadowed the down market in 2007-8, and foreshadowed the up market in 2009.  What I have noticed is that Asian equities are viewed as being better than US equities for past couple of years, yet Asia is lagging now.  Eventually this will matter, but it does tell me that this rally is not as strong as it appears from a global viewpoint.  The Asian indices are the blue lines, the S&P is red.