Our latest recommendation offers investors an alternative route to play the recent rally in emerging markets, explains Nicholas Vardy, editor of Bull Market Alert.

The iShares MSCI BRIC (BKF), an exchange-traded fund, invests in each of the four BRIC nations of Brazil, Russia, India, and China.

After several years in the dumps, here are two reasons why I expect the BRIC markets to perform strongly over the coming months.

First, the BRIC stock markets have resumed their strong upward momentum. I follow 46 global stock markets on a daily basis, and three out of the top five global markets over the past month are BRICs.

Russia is tops, up 9.11%, India is up 8.02%, and even China is up 7.54%. World Cup soccer tournament host Brazil is the only relative laggard. In my experience, once these big emerging markets get going, they tend to go on for a while.

Second, after being out of favor for so long, the BRIC markets are as cheap as they have been in recent memory. Russia trades at a price-to-earnings (P/E) ratio of 6, with China at a P/E of 7.

While Brazil and India are more expensive, the iShares MSCI BRIC, as a whole, trades at a single P/E of 9. That is about a 20% discount to the MSCI Emerging Markets index as a whole.

That makes the BRICs unusually attractive to investors who are looking to profit from the rebounding popularity of emerging markets. So, buy the iShares MSCI BRIC at market today and place your stop at $37.50.

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