This is a good overview of recent global stock market performance. Unfortunately, it only adds to the confusion as to where we go from here. On the one hand, we just posted the largest-ever January decline on record, which supposedly bodes ill for rest-of-year performance. On the otherhand, some indicators suggest we are in seriously oversold territory and some early-cyclical sectors (e.g., consumer discretionary) are starting to out-performance/show relative strength.