Although Kevin O'Leary's views are often harsh and controversial, I have to agree with his comments on a recent segment of the Lang and O'Leary Exchange regarding relative GDP growth. Brazil (EWZ), Singapore (EWS), South Korea (EWY), Malaysia (EWM), Mexico (EWW), Taiwan (EWT) and China (FXI, EWH) all have low debt-to-gdp ratios and high absolute GDP growth.
http://en.wikipedia.org/wiki/List_of_sovereign_states_by_public_debt
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
These ETFs are all outperforming the S&P 500 with some posting 52-week highs. These charts give absolutely no indication of a pending double dip recession, global deflation or bear market.
Canada (EWC) actually doesn't look bad relative to the US or Europe, but will only provide modest returns as a whole relative to the above mentioned "emerging" economies...
A great ETF and market summary page can be found here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=msummary&cmd=show,iday[Y]&disp=SXA
