10:02 am PST. There has been a lot of really unusual and interesting market maker action in the emerging markets today – notably in EEM, Russia – RSX, Taiwan – EWT, and the Eurozone – EZU. To me, it looks like profit taking or selling. I think the emerging markets might be nearing a top and it will be interesting because if the money comes out of their indexes, where will it go?  These will be levels to watch.

EEM: 2.5 million block traded from 37.48-37.57.

EZU: 864,714 block traded at 35.89

RSX: 850,259 block traded at 21.57

EWT: 885,140 block traded at 31.51