For the last 2 years, S&P has been trailing Shanghai SSE by 3-6 months.

[touchring]

Some food for thoughts.

For the last 2 years, starting from the Subprime collapse, when Shanghai SSE booms, a couple of months later, S&P shoots up, and inversely, when Shanghai falls, a couple of months later, S&P collapses.

Here's the comparison chart. I'm not aware of the reasons behind this, but the trend is unmistakable.

http://finance.yahoo.com/echarts?s=000001.SS#chart3:symbol=000001.ss;range= 2y;compare=^gspc;indicator=volume;charttype=line;c rosshair=on;ohlcvalues=0;logscale=on;source=undefi ned