The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheStreet) -- The Dow and the S&P 500 may have experienced the worst two-week losses since November. Still, is it really time to panic? When one considers the reality that the major averages are less than -4% from multiyear highs, abandoning stock assets seems a bit premature. That said, you may want to avoid certain investments.
For example, a wide variety of currency ETFs have worked their way into to full-scale correction mode. The CurrencyShares Euro Trust (FXE) is 12.4% below a 52-week high whereas the CurrencyShares Swedish Krona (FXS) is 11.8% off its peak. And while a lack of interest in European sovereign debt may be to blame, the uncertainties in the Chinese economy are adversely affecting Brazil and the value of the "real." WisdomTree Dreyfus Brazilian Real (BZF) is down 12.8% from a 52-week pinnacle.
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