The SP500 is the heavy green line. The top chart is the entire first quarter (plus a couple of days of December I think). The bottom chart is March only. Same comparisons. Sector rotation if you will. Comparisons are to EFA (General Europe); EWG (Germany); EWW (Mexico); EWP (Spain); RSX (Russia); EWC (Canada); EWZ (Brazil); EWQ (France) and EWU (UK) as well as the FXE (the Euro for us non-Forex traders). Note that Spain is pretty lousy on both time frames.