Here's a chart of the Lima Stock Market main General (IGBVL) index year to date as it compares with the S&P500.
The mining heavy IGBVL shot off to a great start in the first two weeks of Jan'10, but since then it's been downhill. Risk aversion to EM exposure it what it looks like from this angle, with the gap between the IGBVL and the SPX closing all the time.Meanwhile, on a longer view of the two indices that runs for two years and takes in the early 2008 peak, then the crisis trough, the 2009 recovery and the fist two months of this year.....
......the performance of the IGBVL has been remarkably similar to that of the SPX. Now all we need to work out is why and what it means (sorry, I'm too dumb for that).