$EEM has under-performed $SPX

The MSCI Emerging Markets ETF has surprisingly under-performed the S&P 500 in this recent risk rally.

Take a look at $SPX: nearly 14% since Dec 24th!

spx bounceee

$SPX

Meanwhile $EEM has returned ~9% during the same time period

eem bounce

$EEM

Probably telling about the true nature of this surge in risk assets. Participants are highly emotional and uncertain during volatile times like these, 14% rallies turn into 14% selloffs very quickly…

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