The latest State Street investor confidence index bears some scrutiny. The overall index dropped in February which would seem to be in line with other sentiment indicators such as The Conference Board's consumer confidence index and the German Ifo on business thinking.
But the State Street fall was entirely due to bearish Asian sentiment. There were gains in the North American and European regional calculations. Also the overall, North American and European indices all came in above 100 -- which means that sentiment remains on the bullish side.
It begs the question of whether Asia is a) lagging b) leading or c) just out there on its own.