About 8 trading day left in the year and some trends may be changing- check the recent performance on the ETF's of the commodity focused country's- the EWA EWC EWZ v the SPX and NAZ/NDX shows they are losing of late-

EWA recent high was 24.57 on Nov 16 and is off about 8.5% at 22.48- for the year +61.3%.

EWC recent high was 26.92 on Dec 2 and is off about 4.5% at 25.7- for the year +48%.

EWZ - recent high was 80.93 on Dec 3 and is off almost 10% at 73.08 - for the year +112.5%.

EEM - recent high was 42.52 on Dec 4 and is off about 5% at 40.43- for the year +65%.

The tech heavy NDX/NAZ - both trading about .5% off their highs- and both looked very nice on Friday on the heels of the news from RIMM and ORCL.

NDX +49% for the year;

NAZ +40% for the year;

SPX +22% for the year;

RUT +22% for the year;

SPX - down about 1.5% from its recent highs while the RUT is down about 2.4% - so the question is if the trend has changed or if we are having the pause/pullback that refreshes - my guess is these Commodity heavy countries start outperforming again after the start of the new year.