I created the index below by dividing EEM by EFA. (This is not an index you can look up) See chart for more thoughts and details!
CLICK ON CHART TO ENLARGE
This composite gives very few macro buy/sell signals, suggesting risk is greater or lesser. At (1) in the above chart is the first suggestion that risk is really increasing since the summer of 2008!
This sell signal suggests that the BRIC countries should be relative underperformers!