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Emerging Markets Are... Emerging, Again?

|Includes: CWI, iShares MSCI Emerging Markets ETF (EEM), EPI, EWZ

While the U.S. markets continue to churn sideways, flirting with the possibility of a major top, international markets are showing much greater cause for bullishness. Of this group, India is probably still my favorite, though it has already made significant gains since I first mentioned it a couple of months ago. The India ETF I've been tracking, EPI, is only now breaking above its 200 day moving average. This, after forming a pretty textbook inverse Head and Shoulders pattern. Given some consolidation, I imagine there's plenty of upside left in the longer term.

The iShares Emerging Markets ETF (NYSEARCA:EEM) is also breaking above trendline and 200 day moving average resistance, and perhaps resolving a multi-year pennant pattern to the upside.

Brazil (NYSEARCA:EWZ) has been downtrending for years, and appears to have solidly broken above its trendline resistance. It has a little ways to go before reclaiming its 200 day moving average.

Broadening the picture to include the entire ex-US world, a representative ETF, CWI, shows a multi-year ascending triangle and appears to be attempting to break out.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.