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 (

ETF Expert

) --Key emerging market ETFs are getting knocked lower while other funds are enjoying healthy inflows. The latest weekly data from the Investment Company Institute says money market fund inflows exceeded $24 billion. That represents the largest weekly increase since December.

The lion’s share of the jump came from institutional shifts. No surprise there ... money managers have been raising their cash levels in anticipation of a

highly probable pullback

.

Nevertheless, U.S. stocks remain resilient. The

S&P 500

is a little more than a percentage point off of its April closing high of 1363.

In complete contrast, the

iShares BRIC ETF

(BKF) - Get Report

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has witnessed an intra-day correction of -10%. It currently resides below a 200-day moving average. Considering the contributions of Brazil, India, Russia and China to global production and consumption, emerging market weakness is hardly welcome news.

Worse yet, a number of emergers have experienced “cross-under” events. Specifically, when the value of a short-term 50-day moving average crosses below the value of a long-term 200-day moving average, ETF traders typically assume that the ETF is trending downward.

Here are several unfortunate residents that have crossed under:

Granted, many of the residents on the list are far out on the emerging spectrum. You might even say, they are more representative of the frontier.

Nevertheless, the dollar’s devaluation in 2011 hasn’t led to larger gains in frontier markets or emerging markets. And lately, dollar reversals on risk aversion only seem to hit the emergers even harder.

The iShares BRIC ETF hasn’t “crossed” under. That said, its performance has been rather uninspiring.

BKF 2011

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Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.