INP ,the INDIA ETN , is within 15 points of it's 2009 lows. A perfect example of where markets go when there is no quantitative easing, and the market realistically reflects the economy.
Both HSBC Manufacturing PMI numbers are down ,but India economy is in much worst shape than China's. For this trade we are LONG FXI and short INP . Average trade length is about 18 days . More detail on the chart.