Emerging Market Finnies Swimming Upstream:
The emerging markets chatter has been incessant lately, as the greenback continues to struggle. The EEM is nearing a double off the last March lows from the round 30 number. Top holdings in the fund are Far East regionally with China, Taiwan and South Korea dominating the components. Let us not forget the strong action in select Japanese names with SNE and TM recently. Another regional powerhouse in India, and one has to look no further than the strength in the ETF PIN. The fund has not recorded consecutive WEEKLY losses in 11 months. Power is emanating from a diverse group of sectors with TTM, breaking above a bull flag trigger that aligned with the very round 20 number on 2/2 jumping 13.6% in double average daily volume (the stock met resistance at the very round 10 figure last September-October). Since this is a financial note one has to respect movement in IBN, which is UNCH this week after the prior week advanced nearly 17%, after a prior 4 week tight pattern between weeks ending 1/8-29, that all CLOSED within just .13 of each other. Another leader that is bull flagging is the chart below of HDB. It sits 2% off most recent 52 week highs, after a very impressive run from 30 to 80 since last March.