All sorts of things were trashed in the September-November time frame last year, especially commodities and emerging market equities and bonds. I've noted before how commodities appear to be bouncing, and suggested that the bounce is becoming contagious. Brazilian equities, valued in dollars, are now up 44% from their low of last November 21st. That's a nice bounce, and if the global economy continues to improve on the margin, emerging market securities have a lot of upside potential left. Continued strength in gold prices, as I noted yesterday, bode well for commodity prices in general, as gold tends to be the leader.
Full disclosure: I am long EMD and SLAFX as of the time of this writing.