Without shares of Apple to weigh their indexes down emerging markets has a pretty good week last week. EEM and EWZ were both up over 2% and their volatility indexes dropped accordingly and in line with each other. The curves shifted a little differently than the underlying indexes, but came in line with each other relative to a week ago. VXEWZ futures were down in line with the underlying index while VXEEM futures dropped only slightly. Both VXEEM and VXEWZ have never been calculated at a level under 20.00 but both appear to be trending in that direction.