Rising interest rates, more volatile stock markets and a view that the economy will slow down by the end of the year are combining to make investors more cautious about taking on new stock issues, especially in the riskier corners of the technology and biotech sectors, according to analysts.

FORBES: Hot IPOs Cooling

This is especially true in the case of riskier markets like Orlando and Las Vegas, where the expected increase in sales volume and housing turnover doesn't necessarily mean that the price trough is imminent.

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No securities market comes close in size to the U.S. But when it comes to investor appetite for risk, the flow chart shows fund managers have been more apt to remain invested in higher beta emerging markets than in the advanced economies, especially basket-case Europe which is now more riskier than any of the big emerging markets, both politically and economically.

FORBES: Emerging Market Equity Flows Remain Positive, Despite Sell Trend