It appears as though the golden period of emerging markets has come to an end. The Emerging Markets ETF - EEM - has tumbled sharply in the last few weeks and is now down nearly 30% from its highs. From a technical perspective emerging market ETFs have been having problems since April/May of this year slightly ahead of the June/July timeframe when the DJIA topped during this correction.

Investors were discussing then about the headwinds the emerging markets would be facing in the coming months especially with the financial problems facing Europe and the seemingly uncontainable inflation worries these emerging markets themselves were facing. Growth became a "question mark" for leading BRIC economies such as China, India and Brazil. Investors started offloading emerging market stocks over these months and the big drop came in August when EEM plunged about 12% in one week.

After relentless selling, EEM is now sitting at about $35 levels. Respectable technical support exists at these levels - especially in the $30/$34 range and if EEM is able to hold above these levels convincingly, it may be forming a near term bottom. Moving Average Trends still point to a weak trend.

From a growth investor point of view, EEM is not an attractive proposition but value investors should find valuations becoming attractive at these levels. Value investors may want to look at slow accumulation and prices around these levels but limit losses if EEM falls below the $30/$34 support levels.