There’s a global bull market in bull markets

80% of the world is in a Bull Market.

Specifically, 80% of the 70 countries we track are up at least 20% off their 52-week low (with +20% being a common benchmark/trigger for “bull market“).

This is a very positive sign.

The below chart shows this peculiar breadth indicator over time (the red line), and what’s interesting is a few things…

First, this indicator has rarely been above 50% over the past couple decades (yet, it was steadily north of 50% during the 2000’s global equity bull market).

Second, when this indicator surges like this it is typically a very good sign — for instance, see: 2003, 2009, 2020 (the start of new global equity bull markets).

Third, by contrast the time to be concerned is when this indicator peaks and rolls over (no signs of that at the moment).

In essence, this is an unequivocally bullish chart: about as bullish as it gets.

And it lines up with the macro/fundamental developments I’ve been tracking e.g. as documented a couple of weeks ago: Global Growth Reacceleration + Bullish Outlook for EM + Bullish Commodities Outlook.

As I quipped the other day, “there’s always a bull market somewhere, and in this case it’s everywhere!“

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