Note the 2013 leaders led in November – Japan,  the U.S. and Germany.   And the dogs remained dogs – Brazil and Russia.

Can you  imagine a strategist just 18 months ago stating Japanese equities would outperform the BRICs by some 6,000 basis points?    He/She would have been laughed off the Street!

We are watching to see if emerging markets rally in December as it may reflect early positioning for a 2014 comeback rally.  Stay tuned.

Click on charts to enlarge and for better resolution

(click here if charts are not observable)