The secret of is judging things in relative terms. This week, this is especially helpful, as it helps tease out the relative winners and losers amid the chaos. For example, looking at countries, South Korea (−10.0 relative to the World) and Taiwan (−8.0 relative) fell hardest again, extending their two-day losses to 13.2 and 10.7. Both lost a Weekly CAPR point, to 2 and 3. China (+5.0 relative) and India (+4.0) led, with Mexico (+3.6) and France (+2.9) close behind. All four are ahead of the world over two days. Europe held up. Germany and Switzerland gained 2.2 each (relative) and both now have a Weekly CAPR of 4, up from 1 and 2 on Tuesday. The United Kingdom and Canada also rose to 4. The US slipped 0.6 against World (−4.4 in simple price terms). Japan lost 2.2 and dropped to a Weekly CAPR of 1. $SPY $EWY $EWT $EPI