The uptrend for emerging markets may be less impressive, but it exists. The current price of Vanguard Emerging Markets (VWO) is above its intermediate-term trend as well. (And that means... yes, you may want exposure.)
While stocks have been looking better -- while many risk assets are well above key moving averages (e.g., high yield corporate bonds, REITs, pipeline partnerships, emerging market bonds, etc.) -- there is a critical laggard. Specifically, Commodity ETFs aren't being scooped up.
A commodity break-through would lend support to the notion that a bull market is back. Higher commodity prices would signal greater demand from developed economies as well as the developing world.However, bearishness still persists. PowerShares DB Base Metals (DBB) is still 20% below its July 2011 peak. And its not just the metals. PowerShares DB Agriculture (DBA) is below its 50-day moving average. In fact, Green Haven Continuous Commodity (GCC) demonstrates that the trend for aggregate commodity prices is down.