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Nick Perry (Schaeffer's Investment Research) submits: For some international perspective, the graph below shows the leading and lagging foreign market exchange-traded funds during the past month:

If you have followed this column during the past couple of weeks you might notice a distinct change here. Last week, we saw that all of the funds on my list were trading higher with the EWZ gaining more than 20 percent during the past month. Moving all of the data points forward a week shows that momentum has begun to slow across the board.

Given the strong pace of the gains recently, some slow down is to be expected, but it is something to keep an eye on.

Source: International Momentum Slows, With Brazil And South Africa Still Strong (EWZ, EZA)