GXC trades 35% below its 2007 peak.iShares MSCI Emerging Markets ( EEM ) trades 21% below its 2007 pre-bear market peak. The underlying weakness suggests the global economy is worsening, deflation is on the way and stocks are due for a correction, investing strategists say. It fell to a three-week low and broke below its 50-day moving average for the first time in two months, sending the red metal into short-term downtrend.