Not Just 7 Names

I keep hearing that this market’s being carried by just a handful of names.

But when you zoom out, that story falls apart pretty quickly.

Outside the U.S., things are looking a lot stronger than most people realize.

Take Europe, for example.

We’re talking about some of the most boring, low-tech stocks out there — and yet, they’re crushing it this year.

Whether or not you own them, they help put the market’s strength into perspective.

The chart below shows the Stoxx Europe 600 Index breaking out to new all-time highs.

This is the broadest measure of European equities — including small-, mid-, and large-caps. Think of it like the S&P 1500.

If Europe’s holding up this well, it’s tough to argue that things are falling apart.

If there were real stress under the surface, we’d be seeing it overseas — but we’re not.

In fact, quite the opposite. The uptrends across Spain, Italy, and Greece are as resilient as ever.

That’s not defensive money hiding out — that’s investors embracing risk.

And as long as that continues, it’s hard to bet against this bull market.

Let me know what you think — I’d love to hear from you.

Stay sharp,

Alfonso De Pablos, CMT

Director of Research, All Star Charts