Counterintuitive Take

I am beginning to think that the more problems in Europe, the more likely fund managers will allocate cash to US assets and away from European assets.  The European markets have been badly lagging the US market, and usually they move very close together, historically there is a much higher correlation between US and Europe than US and Asia.  But the more problems that surface in Europe, the more investors flock to US stocks and bonds. The strength in the US seems to be in part from this asset shift from Europe to US.  Very counterintuitive.