Window of Opportunity in Global Equities Is Now Open
By Alfonso De Pablos, CMT
January 26, 2026
We just wrapped up an incredible week in Miami for the Portfolio Accelerator with the entire ASC crew, our members of the program, and some of our closest friends in the industry.
There’s nothing like getting everyone together in one room to share ideas, challenge each other’s views, and see what themes rise to the top.
The room was packed with traders, portfolio managers, advisors, and serious market operators.
Over two days, we went through more than 1,000 charts.
And I had the privilege of sharing the stage with my good friend Rick (make sure you follow him on X), where we broke down what could become a meaningful shift in global market leadership.
And the timing couldn’t be better.
Just last year, global equities outperformed U.S. stocks by the widest margin since 1993.
This isn’t a narrow move. Breadth is expanding — and participation is spreading into some of the riskiest corners of the market: Asia, Latin America, and even Africa.
Across Europe, multiple countries are breaking out of massive multi-year bases into fresh highs.
This is what real global participation looks like.
Even more telling, the 1-year rate of change in the ex-U.S. vs. U.S. relationship just surged to its highest level in over a decade.
Now, the relative trend itself is beginning to curl higher.
That combination is exactly what early regime shifts tend to look like.
So the key question becomes:
Is this just a one-year anomaly? A temporary catch-up trade before U.S. stocks reclaim leadership?
Or are we witnessing the early stages of a structural rotation into global equities?
To answer that, we have to look at what’s actually driving the move.
And the catalyst is clear: the U.S. dollar.
When the dollar is rising, global equities tend to lag. When the dollar weakens, that relationship flips.
Right now, the Dollar Index $DXY is pressing against a critical multi-year trendline.
If the dollar rolls over — and especially if it breaks this long-term uptrend — global equities suddenly have the ball in their court.
A weaker-dollar regime has historically been rocket fuel for international outperformance.
That’s why I believe the window of opportunity in global equities is now open.
After years of crowded positioning in U.S. dominance, money may finally be rotating — and this time, breadth, participation, and momentum all confirm it.
This is exactly how leadership shifts begin.
And if the dollar cooperates, this could become one of the most important global allocation themes of the next cycle.
