Use This Dip to Consider These EM ETFs (TUR, SCIN, THD)

Even with some upside today, the past five trading days have been quite unkind to major emerging markets ETFs. Just a few examples of the ugliness since Thursday March 1: The Vanguard MSCI Emerging Markets ETF

is down almost 4%. The iShares MSCI Brazil Index Fund

is down more than 4%. The iShares FTSE China 25 Index Fund

and the WisdomTree India Earnings ETF

are both off more than 5%. Those performances are going to win those funds ribbons at the county fair, but statistics show investors still love global ETFs. Equity-based global ETFs raked in $5.6 billion in new inflows last month and VWO hauled in $2.5 billion while the rival iShares MSCI Emerging Markets Index Fund

garnered $1.4 billion in new assets, according to data from the ETF Industry Association. Maybe, just maybe, it's worth looking at some buy-on-the-dip emerging markets ETFs following the recent multi-day retrenchment. Consider the following five candidates.

Down 3.5% in the past five days, the iShares MSCI Taiwan Index Fund is still worth a look for conservative EM investors. Obviously, Taiwan is a China play, but to EWT's credit, it has sharply outperformed FXI this year and has a fair yield of 3.4%. Since VWO and EEM are heavily allocated to Taiwan, shareholders in those ETFs probably don't need to be involved with EWT. Another plus of EWT is that its beta is lower than FXI's or VWO's.

Weakness permeating the EM ETF complex and a big decline in oil prices slammed ETFs with heavy Russia exposure on Tuesday. Those are the valid reasons for RSX's decline, though many would argue Vladimir Putin's reelection as president was another negative catalyst. Maybe it was, but the market had to have seen that coming. Putin's reelection was the very definition of a "sure thing." So why RSX? Why now? Well beyond oil, RSX has been the best performing of the major BRIC ETF quarter this year, outperforming EPI, EWZ and FXI. Not to mention's Russia

.

The iShares MSCI Thailand Investable Market Index Fund is down just 2% in the past five trading days. That may not be much of a pullback and THD's pullback opportunity may be limited to the ETF falling to $70. Already up more than 15% year-to-date, THD could see a jolt if the central bank opts to lower interest rates that are considered high by some. Bigger things for THD may be in store in the second half of 2012. Former Thai Prime Minister Thaksin Shinawatra told Bloomberg yesterday "In the third quarter of this year the economy in Thailand will pick up due to money we put in for reconstruction and then by the end of the year they will do a lot more construction, not just the flood but infrastructure."

There are plenty of reasons

there are compelling fundamental reasons to consider TUR, such as an economy heavy on services industries. That's not the norm in emerging markets and speaking of unusual there is volume. As in interesting and large increases in TUR's daily turnover in recent days. Hmmm...