Note how the three-month spanning tree has much deeper branching than the past week's tree.  This further demonstrates the divergence of global market's correlation with each other that I'd mentioned last week.  Compared to last week, however, note how much more branching there is from the Netherlands fund EWN.  This perhaps indicates that, as liquidity dries up and uncertainty remains, attention is focusing on certain specific markets (primarily the US, certain European countries, and Brazil).

Week MST

Three-Month MST