Well, assuming where the epicenter of current sovereign debt crisis is, one may say it is no wonder. Then, I decided to look at roaring China and "The China 5". China itself, and its neighbouring financial centre of Hong Kong are actually down from late October 2009. The rest of "The China 5" also have not done very much ... Click on chart to enlarge.
However, there are bull markets around. Bull market gurus would suggest that this is bullish consolidation before the next leg up. Like the Fisher Investments suggest:
...Aside from a few minor setbacks, it has continued its surge from the bottom. We expect more stories will surface, and a few of those will cause the bull to buck. Short and sharp, corrections are to be expected, but not dodged. Young bull markets eat such fire and brimstone for breakfast.