As we see glimmers of renewed life in the markets, investors are left wondering if this bull rally, especially in emerging markets and subsequent exchange traded funds (ETFs), is not just some ephemeral occurrence.

Mark Mobius, executive chairman of Templeton Asset Management Ltd., says we are just at the starting line for the next “bull-market” rally for developing nations, reports Anthony Massucci for Daily Finance. After the U.S. Treasury vowed to help the banking system, stocks around the glob rallied and Mobius sees bargains in every emerging market.

Back in December, Mobius precisly foresaw a faster rebound in emerging markets compared to developed nations. He now looks to companies rich with cash, low in debt, high in dividend yeilds and maybe some companies that offer dividends while investing in growth.

There are some analysts who caution investors, saying the current rally may turn a complete 180 on us, but most analysts and fund managers now think a market bottom has gone by after a lengthened rally.

In emerging European markets like Russia, higher energy prices has helped boost Russian markets, which have outperformed other emerging economy securities, according to The International Herald Tribune. Nevertheless, The Finance Minister Kudrin cautions against “excessive optimism.”