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.
At the time of publication, Dion was long IAU.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.

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