The short-term prospects for emerging market equity rests on U.S. and European policy makers, which is like tight-rope walking over Niagara Falls, wearing ankle weights.

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The key is walking the tight rope between what will change and what will not change, and communicating that effectively.

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As it seems, the housing market is still walking the tight rope.

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And while I was walking along the rope line -- it was a big crowd, about 3, 000 -- a young woman in uniform was shaking my hand and other people were grabbing and taking pictures.

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Italian President Giorgio Napolitano is walking the political tight rope.

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