Tim Seymour says yes -- and no.
"What bothers me is that all emerging markets are being painted with the same brush," he says.
That shouldn't be the case, although Seymour does agree that the trade is overdone in some areas of the emerging world. "A lot of countries will not have a V-shaped recovery including Central Europe and Sub-Sahara Africa," he says.
But that's not the case everywhere. Not by a long shot.
Rather than rattle off a list of countries to avoid, Seymour prefers to focus on areas of opportunity.
“I like Brazil,” Seymour adds . Brazil based oil company Petrobras is making major investments in capex. As a result Transocean , Schlumnberger, and Halliburton all should benefit.
And if those trades don't float your boat -- Seymour has two more.
I also like Turkcell and Mobile TeleSystems , he adds, as consumer plays because as the middle class grows and becomes more affluent both companies should benefit.
Or keep an eye on Fluor and McDermott, adds Pete Najarian. Those two firms are also plays on emerging markets.
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Trader disclosure: On May 11th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (GE), (AGU), (AMZN), (APPL), (SDS), (IMAX), (WFC), (TGT); Seymour Owns (AAPL), (BAC), (C), (DRYJ), (EEM), (FCX), (PBR), (TSL); Seymour's Firm Owns (RIG); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (CROX) Calls; Najarian Owns (FIG); Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls