The SPDR S&P International Energy ETF (NYSEArca:IPW) rockets ahead of the rest of the segments that make up the All Country World Ex-US Index, represented by the iShares MSCI ACWI ex US Index Fund (NasdaqGM:ACWX). "GDP growth will be slower, headline inflation will be higher, housing prices will stay weak longer," he notes. As proof, Kotok offers the following observation:Look at all the components of the S&P 500 Index and you'll see that energy is the only segment on an upward trend.