The iShares MSCI Emerging Markets Index ETF (EEM – 43.52) and iShares MSCI Brazilian Capped Index ETF (EWZ – 54.81) posted solid weeks respectively gaining 3% and 2%. What is interesting is unlike the S&P 500, neither had a particularly strong Friday. Their gains came earlier in the week. VXEEM also had an unusual week. VXEEM dropped 3.65% on the week, but was down over 5% on Friday. For most of 2013 both EEM and EWZ have been lagging the US markets. However, possibly as a function of the ETF’s trading on US exchanges, the implied volatility of EEM and EWZ options has taken the lead from changes in VIX and the US markets as opposed to the price action of their underlying markets. Finally, the steep VXEEM curve also is a warning of risk on the horizon. The curve looks an awful like the VIX market as well.