Emerging markets stocks vs. natural resource stocks

Emerging market stocks have been reaching new highs almost everyday (see this article in the Economist magazine), and the natural resource sector has been on a tear as well. Given the giddy valuations of both sectors, which one is a better relative buy at this point? For those of you who have been following the IGE-EEM spread that I proposed before, its value is at an all-time-low these days -- it was at -6.77 standard deviations. Given their historical cointegration, I wouldn't be surprised if it will revert to a more sane value in the near future.