Diving into the emerging markets after the dismal first half of 2013 would have been a tough trade. As with many tough trades it would have been a successful one as well. Both the iShares MSCI Emerging Markets ETF (EEM – 43.31) and iShares MSCI Brazil Capped ETF (EWZ – 50.70) posted solid weeks closing up over 1% from the previous Friday. Despite the resurgence of EEM and EWZ the volatility indexes had not totally bought the rebound. That is until this past week. VXEEM was down almost 16% and VXEWZ dropped over 13% on the week. VXEEM closed under 20.00 for the first time since May of this year and VXEWZ close at the lowest levels seen since May as well. Beyond the spot indexes the futures market seems to have returned to normalcy as well.