FI Spotlight: iShares JPM Emerging Market Bond $EMB: Breaking out of consolidation at key resistance

After getting routed in the fixed income selloff in the 1st half of 2013, the iShares JPM Emerging Market Bond Fund $EMB has been on a nice run. It’s up 7.4% in 2013, without dividends, with very little pullback along the way. After consolidating since May at the 61.8% Fibonacci Retracement of the 2013 selloff, $EMB broke out to a new high yesterday. This breakout opens the immediate-term upside to the ~119.10 level, corresponding to the gap down from May 22, 2013 as well as the 78.6% Fibonacci Retracement of the 2013 selloff. After that would be ATH’s.