EMDM: After an almost 11% move off the all-time lows of this spread, EM has been worth selling in May. A relative 5.6% pullback may be setting up for a buy of the spread at the .1580 level. As goes the USD as goes the near term path of this spread. Ultimately we think EM (EEM, quote) has already re-set against much of the actual impact of Fed hiking, even though we do expect some impact. Fed however is on hold through June.