Despite the constant stream of negative headlines out of Europe, the EFA ETF continues to act constructively. I have presented this weekly chart, first below, periodically since last summer. The ETF does include non-European firms, but it consists entirely of businesses in the developed economies. The major $56 breakout has been digested well, and further upside is a distinct possibility.
On the second chart, of note is Sweden’s ETF with a similar bullish setup on any further strength.
_____________________________________
_____________________________________
The countries where the bears can topple towers are the emerging markets. Brazil, India, Russia China. Those charts look horrid since start of 2013.
It seems that if a country has a QE policy in place; U.S, Japan, and Europe; It makes up for any issues of weak GDP, earnings, or bank issues.
With no QE, like Brazil which is planning to raise rates, the equity markets are falling towers