BIDU:  Is the local crackdown over?  Investors run first and ask questions in China (FXI, quote); Baidu (BIDU, quote) has bounced off key $160 level; Playing for a move back to $182 resistance

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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.

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