I say it a lot: I’m glad that I was born in the United States. We have so much to be thankful for, and even when I’m mad at politicians, tax policies, etc., I realize just how good we have it here.
Right now, I’m also glad to BE in the United States. While most of the rest of the developed countries are having financial crises, we here in the US have come out of the great recession. Not to say that we have come out unscathed, but “what doesn’t kill you makes you stronger.”
Strong domestic consumer spending is a big factor for our strength, and accounts for nearly 70% of GDP. This will likely continue as job growth continues to improve and lower gas prices means that consumers (who by definition are not savers) will continue to spend that same money on other things, boosting consumption.
What this means is that there is a good chance for the US stock market to continue to do well. Does that mean that you should shift holdings from international stocks to US stocks? No. Keep diversification going in both good and bad markets by rebalancing your portfolio to your original objective, which should have a good mix of ALL asset classes: bonds (short and intermediate term domestic bonds, international bonds, high yield bonds), stocks (large, mid, and small cap as well as developed and emerging markets), and alternative assets (real estate, commodities, and other). You never know when the pendulum will swing the other way!