If you have a taste for adventure you probably enjoy stepping outside the United States every now and again. And if you’re an investor with a penchant for excitement you’re also probably no stranger to faraway lands.

Unfortunately, that’s about where the similarities between explorers and investors end. If you’ve been traveling you’ve returned home a richer person for the experience. However, if you’ve been investing in emerging markets lately chances are you’re a poorer person for it.

Take the iShares MSCI Emerging Markets Indx

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[EEM  Loading...      ()   ] for example. On May 16^th it was trading around $155. On Wednesday it closed around $129. If you look at the 3 months chart of India Fund

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[IFN  Loading...      ()   ] it kind of looks like the down escalator at Macy’s.

And it’s the same old song for ETFs that track Brazil and China.

But you know what they say... what goes down usually goes up. So we can’t help but wonder in this depressed market are any of these stocks a smart buy?

I wouldn’t go blanket shopping says Fast Money's favorite emerging markets trader, Tim Seymour. However there are some opportunities. I like *Embraer

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[ERJ  Loading...      ()   ]because their order ratio is at an all time high.

Also look at Tata Motors

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[TTM  Loading...      ()   ]. India should double their auto sales over the next 7 years. And last but not least check out CTC Media

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[CTCM  Loading...      ()   ] for their growth rate.

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* Notes a company currently listed in Tim Seymour's Emerging Money Top 20, an index made up of 20 firms poised to profit from explosive global growth. 


> SLIDESHOW: Click here for the Emerging Money Top 20 slides!

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Trader disclosure: On July 9, 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 (INTC), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL), (CHK), (MAR), (TSO), (ANR); Najarian Owns (SLB) Calls, (YHOO) Calls; Najarian Owns (XLF) And (XLF) Puts; Najarian Owns (FNM) And (FNM) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO),(PPH), (MRK), (PFE), (JNJ); Finerman's Firm Owns (TGT) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finemran Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE) And (PDE) Calls; Finerman's Firm And Finerman Own (FLS)

Seygem Asset Management Owns (TTM), (TUR); Seygem Asset Management Is Short (PTR) Puts

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