Emerging markets (EEM, quote) vs. domestic markets (SPY, quote) are in focus with key levels coming. 

The latest fund flow data is out and emerging market funds have posted a small increase (+$0.02 Billion) for the week ending May 22.

Just remember, when the fed hikes the S&P 500 (SPX, quote) will go up! If we are in a place where the fed begins to hike rates, albeit this is different formally than removing stimulus than the economy is on better footing, commodities are rallying and they are just as worried about inflation as they are growth. 

With Aussie dollar hitting 11 month lows and price barreling towards 1 year lows of .9602 set last June.  This is your target to re-load the gun after taking profits. 

“Mothers Index” is off 22% from the top. The index moved -10% lower last night and -18% in the last 3 days. 

Market Update Mexico (EWW, quote) – “Southern Texas” Weak.  Why?  Mexico has been in a deep swoon and has now broken the 200 day moving average support for the first time in over a year. 

OK, so finally a global central bank practicing cautionary as Ghana unexpectedly raised key benchmark rates to 16% policy! 

Major reversal in Russia (RSX, quote) coming off the bottom. 

Embraer (ERJ, quote) is about to announce another larger than expected customer order that will continue a re-rating process on the stock. 

Is Baidu (BIDU, quote) following Google (GOOG, quote) step by step?  If you’re China’s dominant search engine why not closely mirror the evolution of the world’s leader and first mover, Google?