The major indexes around the globe have been selling off on inflation concerns, housing and worsening worries about the credit crisis. These are all worthwhile concerns, but I believe we're now seeing some signs of a short-term bottoming.

Also, we haven't been seeing the "decoupling" we like to see in the emerging markets - they've been getting dragged down as well, but I believe that's also about to improve.

Meanwhile, if you bought into Wyeth (WYE) or its partner Elan (ELN) or their call options when I was recommending them bullishly here (in the April 29th post and numerous updates since) you should be sitting on some nice gains.

As I was hoping, Wyeth came out with positive results for its Alzheimer's drug Bapineuzumab - not the best-case-scenario strong results, but positive and promising enough to fuel the shares nicely higher on the news.

If you're in Wyeth or Elan shares or calls you could take profits on half your position here, but hold on to your remaining position for more gains. I expect the shares to continue to do well.

Coming up, I've got my eye on a strongly trending stock that I consider the best global player in the agriculture arena, and intend to be recommending that officially within the next two weeks to my G3 Global Options subscribers, so stay tuned!

Jeff Manera
G3 Global Options,
Emerging Markets Insider
Email: Jmanera@EmergingMarketsInsider.net