Global stocks: U.S. in, Emerging Markets out. The stronger U.S. economic data...and concern about Chinese authorities putting the brakes on growth in China...is causing a change in investor sentiment.
I noted earlier on the air that the markets have an odd, somewhat schizophrenic, tone this morning. On one hand, there are several sectors up that would suggest "risk on": iShares Dow Transports (IYT), Home Construction (ITB), WisdomTree Japan Hedged Equity (DXJ), and PowerShares Aerospace (PPA).
On the other hand, many of the traditional "risk on" countries and sectors are down today: Market Vectors Steel (SLX), iShares China (FXI), Global X Copper Miners (COPX), Australia (EWA) and South Africa (EZA) ETFs.