The Russian Economy Ministry expects lower GDP figures for the second and third quarters but there may be growth in the fourth quarter, as stated in Cbonds. Inflation has abated some in March. For 2009, the GDP is likely to fall 2.2%, investments may diminish 13.8%, but trade could grow 0.3%.

Watch the trend lines and have a strategy to see where this rally goes and to protect yourself.

  • Market Vectors Russia ETF (RSX): up 16.4% year-to-date

  • iShares MSCI Emerging Markets Index (EEM): up 1.3% year-to-date


  • SPDR S&P Emerging Europe (GUR): up 0.1% year-to-date


Disclosure: Tom Lydon has clients who own shares in EEM.

Max Chen contributed to this article.