From Bespokeinvest.com, a few interesting charts showing the divergence between the major Asia stock markets.
As they pointed out, the Shanghai composite is the most interesting as its continuing to test its lows. While there was a minor sideway trend, it has resumed the doldrums that its been at for the past quarter.
Strangely enough, the Hang Seng index, which used to track China and is also considered a good proxy in some ways for the world market, has been on a strong uptrend since August and largely escaped the minor correction that the US market.
The Nikkei has been seesawing dramatically but has been rally recently on the strength (or rather the weakness) of its Yen.
India's Sensex has also been performing extremely well this year, up 22% YTD though the economy is still facing significant challenges and recently signs have pointed toward a slowdown there.