There's a reason why four plays make sense now at these levels, Mike Santoli of Yahoo Finance said Friday.
"This is with the idea that, you know, assuming the correction really does deepen here, it's the only stuff that's cheap, and that's why it's scary," he said.
On CNBC's "Fast Money," Santoli looked at what could send the emerging markets trade higher because of Bank of America Merrill Lynch.
"Basically the outflows from EM funds have just about triggered their 'buy' signal, and so it's one of those grit-your-teeth-close-your-eyes.
"Obviously nothing is going to be happy about what's happening over there except for bounces for the moment, but to me if I'm looking for cheapness, this lift all year didn't leave much that was inexpensive on an objective basis," he said. "It was inexpensive relative to expensive fixed income."
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Santoli also said that it wasn't just the 10-year U.S. Treasury yield that was affecting markets.