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Emerging Markets Are Not Advancing, Contrary to Bloomberg Headline

|Includes: ACWI, iShares MSCI Emerging Markets ETF (EEM), EWZ, ILF

A headline on's home page right now says:  European, U.S. Stocks Retreat as Dollar, Emerging-Market Equities Advance

Emerging markets are not advancing today, EEM is down -0.58% right now.  More importantly, their failure so far to significantly advance after their recent sharp decline should be increasingly worrisome for market bulls, since emerging market economies and markets have been leading the world, see my Jan 23 article (Jan 21 Instablog) "Emerging Markets Leading Global Markets Down, as They Did Going Up," and my Feb 3 article, "Korea Indicators 'Hit Peak Growth'".

In the relative strength charts below, I compare various emerging market etfs to ACWI, MSCI All Country World Index etf, which I use as my real-time proxy for global equities.  Emerging markets have lost a lot of global relative strength in recent weeks, that is the key point, so much so that their relative strength lines went below their 100-day ema's for the first time since early 2009.