Emerging Markets at risk. Money back to the center.

Emerging Markets at risk. Money back to the center.

We get a sense global liquidity is draining back to the center from the periphery. We know we are not alone in this view, as many have warned about the European banking system's deleveraging globally, i.e. reducing loan exposure. Add in the tepid global growth environment with all three wagon pullers -- US, Europe, Asia -- now struggling, and we have the recipe for a systemic event.

Technically, we think a longer-term top is in place (made back in 2007.) If we see some contagion in EMs, the next leg down could be swift and deep!

Market Vitals | 27 June 2012 ~ [http://r20.rs6.net/tn.jsp?e=001Tu3SxQCgMwshv1rjYTnpYyfQvx3p21L_2AgWx9lOSIWMY7rt74yPmRn3ppNzFSU52D2ftjJ_ZXjMMb24WnI4XcrIGM5zDQPO3OfPraS64uKEgXiZxh9y7BSwrlJUim8zyBjpqKRP1BEKs-1lf8tGp-sXQzgaDJ0iOl5Lvebd_Q282HluT0ob0zrgSvmurbHj5ENaQ2l9_ZiBgIiU_jtq4XtPhI9kTRrHcxJA68aaS4U=] ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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