We may be nearing a top in the Emerging Money Global Emerging Index (EMEGI).

Public Domain image courtesy NASA: http://www.everystockphoto.com/photo.php?imageId=2025495&searchId=5f295bce38d311f26a96eb811192f391&npos=12With US global multinationals struggling against the headwinds of slower growth in EM and also currency headwinds when translated back into the parent currency, we are highlighting key levels on the EMEGI and also bringing your attention to the monthly index rebalance occurring on the 15th of the month.

While company specific catalysts have been driving the EMEGI YTD, the overall movement of the index continues to run into resistance around current levels (2031) and has yet to push past the all-time highs seen on January 2nd.  

Breaking down the index further, we have a positive outlook on Fiat (FIATY, quote) on the back of improving EU sales and gaining ultimate control in Chrysler.  Teva (TEVA, quote) has been a rocket along with other generic pharma brands and has also seen an impressive EPS run off easier comps from late 2012 - early 2013.  

General Motors (GM, quote), Siemens (SI, qoute) and SAP (SAP, quote) are weaker with the underlying industries they operate and on currency headwinds despite relatively promising cyclical positioning.

We will review position weighting and the composition of the EMEGI at mid-month and will report all changes to our models.

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