Some managers, such as Leon Cooperman, 71, remain bullish on the U.S., while predicting bigger gains elsewhere.

“We expect the European and Japanese equity markets to outperform the U.S. in the coming year,” Cooperman, who runs Omega Advisors, wrote in an investor letter last month.

Anticipation of more stimulus from the European Central Bank, along with a weaker euro and expectations of solid earnings, has had an affect on sending money overseas.

David Fuller's view

Europe led Japan to the upside recently, thanks to the announcement of Mario Draghi’s QE programme which commences next month.  Now Japan, which has QE of its own, is following so how does it look technically?

I mentioned on 12^th February that Japan’s Topix Index was completing a consolidation and that a sustained push above 1460 would reaffirm the bull market which began in late 2012.

So how does Topix look today?  We have seen a breakout this week so a decline back below 1400, which I do not expect, would be required to indicate an upside failure and further ranging before higher levels were seen.  This move has also been confirmed by the Nikkei 225 and importantly, the Topix Banks Index appears to be completing a very lengthy first step above its base.  Underlying support on these patterns is more than sufficient to sustain significant additional gains