The emerging markets have just not been able to get any momentum going this year. EEM was down 0.15 for the week and EWZ trailed off a little more losing 0.35. This puts EEM down just over 2% for 2013 while EWZ is now down 2.6% on the year. I will leave the comments about whether these markets will catch up to developed markets like the S&P 500 to the many strategists out there. I will continue to focus on their volatility indexes. Regardless of how much I focus, they continue to confound me in 2013. Despite their underlying markets being under pressure for the week and the year, both VXEEM and VXEWZ also continue to trade at historically low levels. How long the disconnection between these markets is going to hold up is beyond my scope of forecasting ability (or guessing which is what it should be). However, it will be interesting to see if an event that takes all markets lower has more of an impact on VXEEM and VXEWZ than VIX and VXN.