Emerging Markets redux

The Dow is up 3/4% today while Brazil is down about 1/3%. (All of Latin America is down). And half the PIIGS were down, too.

That was today's column topic. Investors are running from risk - either real, as it the PIIGS are in trouble, or potential, as in the true emerging markets are still riskier than good old Uncle Sam and all his G-whatever buddies.

Here is another. Vietnam was supposed to be a really young emerging market and it had a very rough week. Very rough.

Stodgy old Switzerland (sorry, we will not divulge our bank clients' names) is actually close to new highs.