Boo.
My fork of markdown-js will put em tags into the middle of urls.
<a href="http://news.indiewebcamp.com/post/innercircle.aok.io/open_garden_any_good" class="u-syndication" rel="syndication">
 
becomes
<a href="http://news.indiewebcamp.com/post/innercircle.aok.io/open<em>garden</em>any_good" class="u-syndication" rel="syndication">