The recent pullback in international and emerging markets blunts momentum but highlights the need to search for value worldwide.

According to data from Emerging Portfolio Research, international money managers, who were pouring each week this year an average $1.6 billion into emerging markets invested only $43 million in the week ending May 17th.

Clearly, at least temporarily, momentum is going the other way which is why you need stop losses in place to lock in your gains.

But this long anticipated pullback may a blessing to global investors since some of the valuations were out of whack. For example, India