International Market Snapshot (6/1/09)

Below we highlight our trading range charts of the major stock indices of 22 countries. For each chart, the light blue shading represents between one standard deviation above and below the index's 50-day moving average. The red shading is between one and two standard deviations above the 50-day moving average, and moves into or above the red zone are considered overbought. As shown by the charts, markets aren't just rallying in the US. In fact, equities have rallied more in most other countries than they have in the US since the March 9th lows. As you'll see below, every single country is trading in overbought territory, with Hong Kong, India, Taiwan, Singapore, Russia, and South Africa the most overbought.

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