The stock market is not healthy, nor is this action normal. Lately, we have seen cyclical stocks in the ‘real economy’ and growth tech stocks take turns going up. Instead of one group winning the arm wrestling battle, both have won. Taking a wider approach, the US market is defying gravity compared to the rest of the world. It might be time to start diversifying out of America. The MSCI all country world index excluding America is still below its 2007 high. That was back when emerging markets were leading the charge. Over half of global stocks (1573 out of 3042) are more than 20% off their record high. This is while the S&P 500 and the Russell 2000 soar to record after record. There are very few stocks in the US market that aren’t rallying higher.