Says JPMorgan.

From their latest note:

US equities will likely continue to outperform in 2012. The Euro debt crisis will likely linger creating more downside for European economies and equities. Emerging Market (EM) economies are also facing growth headwinds into 2012 and they have failed so far meaningfully to outperform their Developed Markets (DM) counterparts. EM growth has not been able to decouple with the gap in EM vs DM industrial production (IP) oya growth still below the 5% threshold, which we identified in our previous research as a useful signal for trading EM vs DM equities. The chart below shows that, while EM IP growth has meaningfully exceeded that 5% threshold for most of the past 10 years, this has not been the case since Oct 2010.

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