They Don't Need Virtual Reality in Russia

Lost in the shuffle of this bull run in equities is the rather distinguished price action in RSX, the country ETF for Russia.

While it is certainly true that emerging markets, in general, have been turning in impressive action virtually all year, the recent pullbacks in India, China, and Brazil (the other three components of the BRIC acronym) shined a light as to just how strong Russia truly is these days.

Specifically, RSX did not budge even as the other BRIC nations faced some fast dips. 

Regarding individual Russian stocks traded here, YNDX is the internet search play sporting a sound chart, and MTL is a steel name which needs a bit more strength but is not terrible. 

But the larger issue is that RSX hit its highest level in nearly three years this morning, which means the bells and whistles of the hottest new tech out of Silicon Valley may be blinding investors to the reemergence of Russia as a resurgent economic powerhouse, or at least one now clearly on the right path again after a very rough stretch from 2011 through 2016.