Emerging Markets Are Going Down

It's the start of a brand new week, but the market anxiety that exploded last week continues through today.

Emerging markets are getting roughed up.

India fell 1.8%. Thailand dropped 2.6%. Jakarta dropped 2.4%. Elsewhere in Asia, Hong Kong lost 2.1% and Shanghai lost 1%.

Things are bad on the emerging market currency front as well. The dollar is hitting new highs against the Turkish Lira and the South African rand.

In the meantime, US futures remain stable, while Europe is mixed. Germany is off slightly, while Italy has lost 1%.

Seeing what kind of follow-through happens in the equity market over the course of the US trading day will be interesting to watch.

Also remember that tonight in the US we have apple earnings.