Although it was a strong week for US stocks, emerging markets performance was even stronger notes Smart Money’s Rob Wherry.
Emerging markets have been particulary hard hit over concerns of a global economic slowdown. However, last week, investors bet that these markets were oversold.
Wherry points to Russia in particular. The Market Vectors Russia ETF (RSX) gained over 60% for the week.
The SPDR S&P BRIC 40 ETF (BIK) which holds the 40 biggest companies in the emerging markets of Brazil, Russia, India and China saw similar gains.