The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. The opinions expressed are those of the author and do not represent the views of TheStreet or its management.
NEW YORK (ETF Expert) -- Did you think it was over? Did you believe that the bailouts of Greece and Ireland had effectively put an end to the PIIGS challenge?
On a monthly momentum basis, Europe had been on a roll. And many market strategists had suggested that a fundamental shift from the macroeconomic eurozone picture to the microeconomic attractiveness of European corporations would keep European ETFs on a hot streak.
Well ... not so fast. We may have seen Greece and Ireland tap the bailout funds. However, Portugal, Italy and Spain are still having a tough time finding buyers for their government-issued bonds.
Portugal Debt Fears Smack European ETFs
- Market Vectors Poland (PLND) is down about 2.3% over five days and up 3.8% over the past month.
- iShares MSCI Spain (EWP) is down about 2.1% over five days and up 19.5% over the past month.
- iShares MSCI Belgium (EWK) is down about 2.0% over five days and up 6.9% over the past month.
- iShares MSCI Italy (EWI) is down about 0.4% over five days and up 15.0% over the past month.
- iShares MSCI France (EWQ) is down about 0.6% over five days and up 10.6% over the past month.
- By comparison, the S&P 500 Trust (SPY) is up about 1.1% over five days and up 3.7% over the past month.
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