Emerging markets have not heard the news

While all the other ETFs (like SPY, QQQQ, DIA) are struggling, the emerging markets apparently have not heard the news about bonds plunge (see TLT below).

EEM, emerging markets ETF, was up a percent and more.

The latin american ETFs still have the momentum (with ILF up three points) and the chinese ETF managing nearly a one percent gain. We have to see if they break new highs (or this will end up becoming right shoulder of the heads and shoulder - nothing to do with shampoos and conditioners - technical formation which is a bearish indicator).

On a weekly basis, among US ETFs, some of the ETFs which show the most gains are the double short ETFs like MZZ, TWM. If one really looks closely at Midcap short ETF, one can make out a small reverse heads and shoulder (means bullish for the bears - never heard anyone use the phrase "bullish for the bears" before :-) ).