If you're thinking we may be near the beginning of a flat or slightly bearish period for the market I can't say I'd entirely disagree with you. Stocks have been running higher at a well-above-average pace, and the market deserves a breather. At the same time, we're also now in the heart of what has historically been a tepid time of year. So, the odds may indeed favor some downtime.

On the other hand, I don't know that the same rationale applies all over the world.

Like I mentioned in my last 'Heating Up' column, better bets may be abroad . Between now and then, a handful of overseas ideas have continued to catch my eye. Here's the rub - I'm not entirely interested because they've been long-term leaders able to overcome the market's general malaise. I like them because they've been lagging.....until recently . It's really nothing more than an educated hunch - mostly based on their charts - but I believe these geopolitical markets may be poised for a little more upside than other locations, including the U.S.

By the way, it might help to have a little comparative perspective here. So, just remember this about the Russell 3000 - it's up 10.2% from March's bottom, up 8.5% year-to-date, and up 24.6% since last July's bottom.

South Korea - This market pretty much shrugged off losses elsewhere in the world a couple of weeks ago. For that matter, it's overcome global mediocrity for the year so far. The iShares South Korean ETF ( AMEX: EWY) is up 29.9% from March's bottom, and ahead by 47.6% from last July's low point. Though it's a little more over-extended than I like to see in the short run, I have to think a decent pullback is merely a buying opportunity.

Taiwan - Though effectively an extension of China, Taiwan's stocks have been far less productive. If you can stomach the volatility though, I feel this market may have finally started to get some traction. Why? One word - undervalued. The iShares Taiwan Index Fun ( AMEX: EWT) is 30.1% higher than where it was when the market hit lows last July. Better still, I think this chart has plenty of room to move even higher.

Mexico - This isn't actually a rotational opportunity - though the Latin American craze is getting a little old, it's still viable. Mexico looks particularly bullish. I'd be kidding you and myself if I said this white-hot ascension didn't concern me. On the other hand, the rocket ride has been going on since mid-2004, and nobody else seems worried yet. One of the reason the iShares Mexico Index ETF ( AMEX: EWW) doesn't overly worry me is the steadiness of this move. Though the 79.8% rise since the end of 2005 could scare some people off as being too much to sustain, this stock/ETF has yet to get to a dangerously-overbought status.

Brazil - The other Latin American leader, like Mexico, looks too good to be true. It is true though, at least so far. This century's global economic growth has been particularly fruitful for Central and South America, so I don't necessarily feel the Brazilian (nor Mexican) uptrend is a bubble. The iShares Brazil Index Fund ( AMEX: EWZ) is up 42.9% since hitting a bottom in March. Just phenomenal.

Japan - There's no question all the attention China has gotten over the last two years has taken some of the spotlight away from Japan, and their stocks have suffered as a result. I think the recent lull, though, may be coming to a close - leaving behind some timely values. What I really like here is not the past performance (because it isn't really all that great). What I like is how the iShares Japan Index Fund ( AMEX: EWJ) hasn't gotten over-extended. There's a slow and steady stream of buying here, and I suspect opportunity-seekers may be seeking out this untapped resource soon.

Hong Kong - Another independent territory of China, the Hong Kong equity market trades rather independently. Though it's seen plenty of ups and down recently as well, its resiliency seems better than most - especially in the last few days. Like Japan, the attraction to Hong Kong stocks is mostly rooted in the idea that they haven't gone through the roof lately. The iShares Hong Kong ETF ( AMEX: EWH) is only up 11.1% since March's bottom, but is ahead by 30.7% since last July. The past few days may have jump-started the bigger-picture uptrend.

Australia - OK, this isn't as much of a 'finally' idea as it is a 'still going' idea. Australia seems to have mastered the ability to keep its economy stable, thereby keeping its market stable. The iShares Australia Index ETF ( AMEX: EWA) has been flat the last few weeks, but looks to me like it could be getting geared up for a breakout move (again).

In any case, it's just some food for thought. I love small caps, but I watch everything , and this international dynamic is just something that's been interesting to me lately. I just wanted to share it with you while it was worth looking, because it won't always be this way.

The ETF's are one way to make these kinds of themes actionable, but you might do just as well - or maybe better - with individual ADRs. There's certainly a little more risk involved, but there's a little more reward too.