Emerging Money Daily Audio Call June 16 - A day before the Fed global markets feel better about the prospects for Greece and are happy to rally in places where we have seen oversold conditions. 

Phone AudioEurope rallying into the close but sentiment across the board far from business as usual.  Investors remain in more cash and more sidelined ahead of the big events of the week.  EM (EEM, quote) markets are defensive but are getting dragged down by the move lower in China last night.  China’s overall weighting in the MSCI means that 3+% moves lower will weigh down an index that has help up especially in the currencies.   What are the downside levels to watch in China and the FXI (quote)?

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