The BRICs are a’ breaking, with three of four sharply down and below their 200 DMA, indicating a trend change to a protracted bear market. Russia is now largely an oil-bearing State, and belies the trend down of the manufacturing States, but would follow if when the oil bubble echo breaks. From Bespoke:
This speaks to a shift from investing in emerging markets – a major theme of the past few years – back to developed markets. Emerging markets are down 3% in January, with India down over 10%, South Africa down 9%, Indonesia -7% and Brazil -4%. Inflation, arguably exported from the US be QE2, has thrown them all a curve ball.