China's ETF (FXI; top chart) has vaulted impressively above its November lows, now leading most world indexes in intermediate-term relative strength.
Japan's ETF (EWJ; middle chart) has tried to pierce the $8.00 level on three separate occasions in October and November and never hit that level on Friday. Though its downside resilience has been impressive, it remains far from its November peak, still thus far tracing a pattern of lower highs.
South Africa's ETF (EZA; bottom chart) has also shown nice downside resilience, but remains below its November highs.
Most U.S. sectors remain below their November peaks; one that is close is the housing index ($HGX). With relative strength in China and U.S. housing, it's fair to say that the current market has gained a bit of risk appetite.
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