EEM breakout! (chart of the day!)
EEM chart shows a breakout out of the recent range…while it’s true that other markets have broken out of their range. This breakout is more significant!
It demonstrates that emerging markets are leading vs the SPY (american markets). Below are two charts for comparison. Notice in mar 2009 EEMdid not make a new low and SPY did. Now EEM breaks out of the range and SPY has yet to! This is a good indication for a strong rally to the end of the year, unless we get bad news again. So, keep an eye on the emerging markets as they are leading this rally.
