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.By Frank Holmes NEW YORK ( U.S. Global Investors) -- The MSCI Emerging Markets and the S&P 500 indices have increased in double digits since the beginning of the year. Investors should be thrilled, but instead of cheers, the markets are hearing crickets. Many have been asking, where are the investors? Since January 1, another $12 billion left U.S. stock mutual funds, while about $100 billion went into bond funds. This continues a mutual fund outflow trend that has been ongoing for several months now.