Profunds index and sector trading

[was Steve]

kanuti and I were on the phone for a bit today discussing things. even after the catch up carnage that asia is going thru (down about 5% on average) all the indexes i track over there are STILL above the lows. the europeans that i track should still be as well after they drop tomorrow.
soooo...the US is looking a bit ragged as indexes are essentially at their lows now. what im getting at in a roundabout way, is there are some real nice divergences as asia and europe are putting up a fight. we should be red at the open a few percent but i think that as long as things dont go to poop overnight in asia then the international funds have a great shot at green. should we gap down and come roaring back it could be a sweet payday. dont want to get too far ahead, but am very pleased by what i see overseas.
in the past on a day like this the internationals funds woould have been down another 10%. they actually went up while we went down last week which is part of that relative strength which gave the divergence
if im wrong we can always eat clam