Among the largest underlying components of SOXL, in trading today Advanced Micro Devices, Inc. ( NYSE: AMD) is off about 0.4%, Broadcom Corp. ( NASD: BRCM) is down about 0.6%, and Cirrus Logic, Inc. ( NASD: CRUS) is lower by about 1.9%.

FORBES: Noteworthy ETF Outflows: SOXL, AMD, BRCM, CRUS

But applying the same logic to Japan, where growth has averaged only 0.7% a year over the past seven years, compared with a previous trend rate of 3-4%, one could argue that Japan's output has already fallen by as much as 15-20% relative to its previous trend.

ECONOMIST: Yin and yang | The

That logic seemed to work in January 2001 when the ratio hit a high of 0.97, suggesting that investors thought the index was ready to take off.

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