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.)

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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.

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