I'm not disagreeing with you, but folks should know that emerging markets tend to sell off when US "blue chips" sell off. I don't always understand investor psychology, but when fears runs the market, investors tend to sell all equities at the same time. Over the very long term, maybe it's a different story.
You are correct, but I think the model has changed and the disconnect gets greater with each passing year as EM economies become more independent of Developed World. China, for example, has huge internal/organic growth that will be less dependent on exports. Also, I think the PE ratios for almost all EMs are lower now than their historical averages. They are also lower then US PEs and have much better growth prospects than us for 2013-2014.