We shorted Melco Crown (MPEL, quote) in early March ($43.00) as we felt the combination of slowing top line Macau growth and an expensive valuation were enough to warrant a move lower to the key $35.00 level.
Historic spreads between the two PGMs from the Fed stimulus binge no longer hold.
Today, we update our Emerging Money Frontier Index (EMFI) for investors on the site.
Yandex rallied 6.6% on Thursday as Geneva Ukraine talks yield first positive political developments in weeks from the core parties.
We have sketched the MXEF index back to April of 2010 to encompass a period of peaking EM valuations in the fall of 2010, and the ensuing periods of stress from peaking PMIs, dramatically slowing China, Fed stress, local policy failures, and capital flows out.
As we see the US emerge from the winter hibernation (Retail Sales, Industrial Production, Jobless Claims), we are also seeing signs of Emerging Markets recovery on Macro.
Tim Seymour with your Emerging Money Audio for Friday April 18, Today we review the Chinese Internet index and we want to be playing off of the very positive Weibo (WB, quote) IPO yesterday pulling all the Chinese players higher today.