One not so obvious situation we observed in yesterday session was the relative strength in international ETFs. In the September 21 issue of The Wagner Daily, we discussed that international ETFs, particularly those of emerging markets, were starting to show signs of bullish price momentum. That initial observation is now being manifested by the fact that all the ETFs we discussed that day managed to close slightly higher in yesterday’s session, despite the losses in the S&P 500 and Nasdaq. The iShares Philippines Index ($EPHE), which we bought in our model ETF portfolio on September 21, gained 0.8% yesterday. The other international ETF we bought the same day, iShares Emerging Markets ($EEM), managed to eke out a gain of 0.1%. The iShares Hong Kong Index ($EWH) and iShares Mexico Index ($EWW), both of which have also been on our radar screen over the past several days, rose 0.3% and 0.2% respectively.