NFTRH; EEM/SPY Ratio Begs a Re-Think

As you may know, I have been bearish the Emerging Markets due to the big picture monthly chart breakdown by the MSCI EM index and iShares ETF.  But in pulling an EEM/SPY chart I found this bottomy looking thing…

eem-spy ratio

The bottom line is that as long as this remains in effect (EEM-SPY above support) and insofar as I would short markets, I think I’ll keep it closer to home and do it against US markets.  I realize the bounce in EM’s may be part of the same force that is driving up the commodity complex, which remains in a longer-term downtrend.  But I thought it was a notable chart view and since I have been talking about re-shorting the EM’s, I wanted to put it out there.  It’s really just a little perspective update.