iShares Turkey (TUR) -8.1%
TUR's magnificent run turned into a turkey last week. Mark Mobius, manager of Templeton Emerging Markets Fund (EMF), said the country could have a correction, and the market delivered. Mobius said other emerging markets could also decline, but he also added that investors should regard the drop as a buying opportunity.
Year to date, TUR is still up 77%.iShares Japan Small Cap (SCJ) -2.4% PowerShares FTSE RAFI Japan (PJO) -4% iShares Japan (EWJ) -2.9% WisdomTree Japan Small Cap (DFJ) -2.6% WisdomTree Japan Total Dividend (DXJ) -2.6% Optimistic headlines were sparked by reports of third-quarter GDP growth of 4.8% year over year, but then investors learned that prices fell by 2.6%. Much of the growth came due to the deflation, not from increased production. While this isn't a problem by itself, Japan has a large debt burden. An economy with no growth can shrink its debt burden with inflation, but an economy with no growth will increase its debt burden with deflation. FirstTrust ISE-Revere Natural Gas (FCG) -4% Natural gas prices sank again last week and U.S. Natural Gas (UNG) reached an all-time low, but UNG only fell 0.8% during the week. After months of following the stock market higher, however, FCG may finally be trading in sympathy with natural gas prices.