While non-U.S. stocks look promising, investors shouldn’t ditch American equities as they go abroad, according to one analyst. “We often hear that the opportunity is overseas based on attractive valuations,” said Oppenheimer & Co. technical analyst Ari Wald in a weekend note. “We believe that if this view proves correct, then taking a cautious stance on the U.S. based on elevated multiples is misguided advice, because a bet on the world is often a bet on the U.S.” History suggests the S&P 500 SPX, +0.13% — the main U.S. stock gauge — won’t stumble while Europe soars, Wald said. “The S&P has gained in 88% of all rolling 52-week periods since 1987 when Europe outperforms vs. the S&P,” he wrote. The picture overseas is indeed encouraging, the analyst added. The number of global markets rallying to new all-time highs is growing, Wald said as he offered the graphic below. Japan, Germany, Canada, South Korea... Wald also provided a second graphic, with both titled “Global Breakout Watch.” The foreign stock benchmarks he highlighted include Germany’s DAX DAX, +0.17% , Japan’s NIK, +1.73% and Canada’s S&P/TSX GSPTSE, +0.45% . U.K., India, Hong Kong, France... Many strategists have beaten the drum this year for non-U.S. stocks, saying foreign equities look like bargains while the American market’s rally seems overdone.via