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In the chart below, we highlight the relative strength of the MSCI Emerging Market ETF (EEM) vs. the S&P 500 ETF (SPY). In the chart, a rising line indicates that emerging markets are outperforming the US, and vice versa for a falling line. After a six-month stretch of steady outperformance vs. the US from March through September of last year, the rally in emerging markets ran out of gas last Fall as the US began to outperform. Since early June, however, emerging markets have once again taken the leading role. In terms of relative strength, EEM is back near its highs from late 2009. With a six month 'rest' to refuel behind them, is now the time for emerging markets to shine once again?
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