Russia and the ruble are a perfect example. The ruble has lost 50% of its value against the dollar since July. And what has its stock market done during that same period (as measured by the Russian ETF RSX)? It's down more than 50%. Think about that...it's the equivalent of the Dow falling 8,000 points in the span of 6 months!
The US Dollar Index (DXY) just put in a new 10 year high as can be seen in the monthly chart below. The relentless strength over the past 6 months has pushed emerging market currencies to the tipping point where bad things are going to start happening.
Below is a 15 year monthly graph of EEM. You can see that after its peak in 2007 and subsequent breakdown, it's never been able to make new highs, even as other world indices are putting in fresh all-times every time you look. Notice too that 12 year support (long green line) and 3 year support (thin green line) have now converged at a point where, coincidentally, EEM currently sits. If EEM breaks below $36.00, then I think emerging markets are in for a world of hurt.