…Not Yet.  Look at the chart of the EEM and you can see we continue to find slightly higher low points Emerging-marketsand a trend line drawn from the December lows is signaling a breakout if we can continue to see some of the macro stay in favor of asset allocation.

Despite a devastating funding period away from EM currencies, EM even in USD terms is holding its own, despite massive underperformance to the USD in last couple weeks.

EEM feb 12

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