Here's a quick chart review reflecting the recent market strength that has followed from strong economic performance in the U.S. and Asia.
Emerging market stocks (EEM; top chart) have broken to a fresh bull high; shares across Europe, the Far East, and Australasia (EFA; second chart from top) are challenging their bull highs.
We're also challenging highs in 10-year Treasury rates ($TNX; second chart from bottom) and in the oil ETF (USO; bottom chart).
Meanwhile, we saw a meaningful expansion of stocks making fresh highs on Wednesday and new highs in the advance-decline lines for the major averages. As noted by the excellent Quantifiable Edges service, the CBOE equity put-call ratio hit its lowest level since 2004. The bull strength is not going unnoticed by traders, and that is changing a wall of worry into a fear of missing the market movement.
.