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By Tim Seymour

Emerging markets continue to see much higher flows, yet are stuck in second gear (compared to reverse gear) from Jan. 3 through to the end of the month. Emerging markets are at -2.2%, while developed markets and riskier assets climbed higher.

Last week, dedicated emerging market funds reported inflows of $3.59 billion (USD) for the week ended Jan. 30, 2013. Global emerging market's funds = $1.94 billion; emerging market Asia funds = $1.49 billion; Emerging Europe, Middle East, Africa Funds = $0.21 billion; and Latin American funds = -$0.05 billion.

If you listen to some top strategists' on the Street, like Michael Hartnett at Merrill Lynch, he says this is a technical sell signal. He had a good call in late December on fading the flow strength. China, meanwhile, hits a golden cross despite looking exhausted.

Source: Emerging Market Fund Flows Up For 21 Straight Weeks