What about opportunities in Russia? Unlike Rogers, I have a bit less faith in the stock market of one of the world's largest non-OPEC energy producers. In truth, Market Vectors Russia ( RSX) has had a very difficult time maintaining a long-term-uptrend (200-day). In fact, whether it is RSX or iShares Russia ( ERUS), I'd want to see a definitive bounce higher off the long-term trendline before considering an allocation. (Note: It is worth recognizing, though, that the 200-day slope for RSX recently turned positive.) Follow @etfexpertThis article was written by an independent contributor, separate from TheStreet's regular news coverage.