When it comes to exchange traded funds (ETFs), maybe you can go home again. For the first time this decade, the U.S. stock market and ETFs are outperforming the global ones, and many advisors are acting accordingly.

In 2001 and 2002, the valuations of emerging market stocks were half that of those of the United States’, according to one advisor. But now they trade at a premium that isn’t sustainable over the long term.

It’s a sharp turnaround from a year ago, where investors couldn’t get enough of the global boom. However, not all advisors are turning toward domestic stocks, reports David Hoffman for Investment News. Some are just sitting it out altogether.

What’s going on? Some advisors feel that the U.S. is just now beginning to show signs that it’s emerging from its funk, while the economies of Europe and Asia begin to feel a sharpening of their own downturns.

The fact remains, there isn’t a lot out there that’s appealing at the moment. If you have a look at all the global and domestic stocks, they’re still trading quite a bit below their 200-day moving averages.

When and where you decide to get back in is a matter of choice, but never invest in something that’s below its 200-day moving average. Wait for the trend to reveal itself.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.