Too late to buy US & early to buy emerging stock markets

The market hasn't had a correction of more than 11% since October 2011. Enthusiasm about the U.S. market reminds me of the talk I heard nine months ago in Indonesia and Thailand. Subsequently, those markets fell 35%. While it is too late to buy the U.S., it is too early to buy the emerging markets. They aren't incredibly cheap, except for Vietnam and Iraq, and capital could still flow out.