Emerging Markets Lagging
04/13/2010 9:20 am EST
Even though the major US averages continue to make new rally highs, two of the emerging market ETFs are still lagging. The iShares Brazil ETF (EWZ) bounced off the 38.2% support at 62, but is still 5.7% below the November 2009 highs. The 50- and 200-day MAs are converging, but are still positive. Meanwhile, China ETF FXI is acting even weaker as the 50-day MA is now below its 200-day counterpart. FXI did rebound from the 38.2% support, but it is still 7.3% below the highs made late last year.