The Brazilian market continued the struggle that has been 2013 last week dropping over 2%. Maybe because the end of the year is on the horizon and 2014 has to be better, VXEWZ was down as well dropping almost 3%. However, upon a little digging, I noticed that the average for VXEWZ is 24.64 in 2013. Maybe the drop in VXEWZ has as much to do with the current elevated level as an outlook into 2014. The emerging markets exchange traded fund was up less than 1% last week and VXEEM drifted lower as would be expected. Of all the tradable equity market volatility indexes EEM and VXEEM was the only pair that moved in the ‘normal’ opposite direction last week.