Stoxx vs Dax-something is “wrong”

As the Market surges on ISM, the DAX index is underperforming the Stoxx index. Considering the higher beta DAX, and it’s underperformance, there could be some catch up in the DAx vs STOXX spread. Stoxx is taking out yesterday’s highs, while the DAX still trades some 100 points lower. Either the DAX is too cheap, or the market too expensive. Let’s see how this reacts if ES futures start dropping below 1210….