Oh, Mexico!

Mexico is one of only a few global markets in the green this year. How long can they sustain growth as the economy of their northern neighbor falters?

Strength in Mexico is a combination of fundamentals and some technicals, explains Tim Seymour, Fast Money’s emerging markets expert.

As of April 1st the Mexican pension funds are able to double their equity allocations from 15% to 30%. That means an additional $2.3 billion could be coming into Mexico’s stock markets.

What about the economy?

Mexico priced in the US recession. The iShares MSCI Mexico Index is trading at about a 14 multiple. So relative to the emerging markets I think it looks interesting.

Any stock plays?

You could look at Empresas ICA as an infrastructure play, Homex as a homebuilder, America Movil, or Cemex says Seymour.

Be careful of that EWW, counsels Pete Najarian. 50% of that index is 3 stocks; Cemex, Telefonos de Mexico and America Movil. It's not terribly diversified, so know what you're buying.

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Trader disclosure: On Apr.4, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (YHOO), (MSFT), (INTC), (DIS); Najarian Owns (AAPL), (YHOO), (ENER); Najarian Owns (MER) Puts, (LEH) Puts; Najarian Owns (BSC) Calls, (MSFT) Calls, (MAR) Calls, (ESLR) Calls; Finerman Owns (HD), (LOW), (CROX); Finerman's Firm Owns (GS), (YHOO), (MSFT), (WMT), (HD), (CROX), (MO); Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY); Najarian Owns (AAPL), (YHOO), (ENER); Najarian Owns (MER) Puts, (LEH) Puts; Najarian Owns (BSC) Calls, (MSFT) Calls, (MAR) Calls, (ESLR) Calls