January saw emerging market currencies take a beating. Investors have been pulling out of emerging market stock and bond funds. And now some are worried that this along with deterioration in those economies will do serious damage in the U.S. stock market and economy. "We don’t buy this bearish argument. We don’t expect much of a hit to U.S. earnings owing to current difficulties in the emerging markets," writes Joseph P. Quinlan, chief market strategist at U.S. Trust. Quinlan has two tables that show us just why he isn't worried. The first shows that of the top 20 export markets for the U.S. eleven are developing ... (full story)