Global markets are soaring today on renewed bailout efforts. But Irwin Greenstein says its probably not a good idea to jump back in to these emerging markets just yet. As always, China will be the bellwether for a sustainable recovery. And commodity prices will remain crucial for resource-rich nations.

The Taipan Emerging Market Index is up today 44.2%, a huge gain from last week when it was virtually flat with an uptick of .52%. By comparison, this week saw the S&P 500 up 0.9% while the Dow Jones Industrial Average dropped 5.3% as of this writing.