Great Buy or Bombs Away

Why not both? If EEM holds major support and USD weakens in the ensuing rally, it will probably do well on the upside. Conversely, if EEM loses the $34 area that marks long-term support, we could see some incredible losses over the next few days and weeks, in which case it'll be an even better buy. I have puts. As I wrote on the weekend, I'm not doing anything except closing positions from here. I have puts on EEM and I'm still holding them.