A chart comparing the S&P 500 index to the MSCI EAFE index (a global benchmark comprised of stocks from Europe, Australia, and the Far East, which has an equivalent exchange-traded fund, or ETF (NYSE: EFA) ) points to a potentially significant shift in the relationship between U.S. and foreign equities.

That is, U.S. shares appear poised for a comeback, at least in relative terms.

Interestingly, this comes at a time when the world at large appears to be suffering from the consequences of a bursting U.S. housing bubble and a meltdown in the American subprime finance sector.

While it is too soon to say for sure, could this be a sign that U.S. investors are beginning to repatriate funds back home? Or that foreigners are reverting to past form with a knee-jerk move towards what has historically been seen as safer shores?

If so, foreign share markets may well suffer disproportionately in the wake of further unwelcome announcements and upheaval in global financial markets.

Some might say that's an ironic turn of events.

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle.