From Standard & Poor’s “The Outlook”:

The MSCI-EAFE index, a developed international equity benchmark, is now moving in unison with the S&P 500 index 89% of the time, up from 80% on August 31. Similarly, the MSCI Emerging Markets index’s correlation to the 500 has jumped to 81% from only 68% two months ago. Worse yet, the MSCI Frontier Market index, long touted for its ability to ‘zig’ when the 500 ‘zags,’ has seen its 500 correlation surge to 63 percent from a mere 9 percent on August 31.”