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Scott walker will be talking to th gundlach in a moment. Long emerging markets. Tim sea mour, youre an eem merchant. This is a trade ive been long for a long time. I actually think emerging looks good against the etf. If you spread it over the spy, you can see the ratio, somewhere around 16. 8 right now. Some key levels to break through. Emerging is absolutely out from the s p. A lot of the bogeys for em, really, the big hurdles for em have been dollar related, growth related. Those economies are starting to move. If you want to see a trade, we talk about this on the show, this is the trade. Emerging is underperforming the s p by almost 60 from the peak of april 2010. And if you want to look emerging markets that took fire in 2003, 2004, 2005, youre back to square zero. Thats exciting. It feels like the short spy side of the trade might be a little trickier. We were talking about how its difficult to not be long at this point. The s p 500 with the volatility so low. Listen, i cant spea

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