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Joshua Brown

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chessNwine

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chessNwine is a full-time stock trader and market commentator. He focuses his analysis on the technicals and psychology behind the market. He is an equity partner of iBankCoin.com, and is Co-Director of the 12631 premium trading service.

A Major Breakout for Developed Markets?

Posted on 01/11/13 - 12:14 PM EST

In addition to emerging markets, namely China, seeing strong inflows of late, the developed economies are showing promising signs of attracting rotations as well.

...consider the EFA ETF. This particular ETF concentrates on multinational firms with heavy exposure to the developed economies in Europe, Japan, Australia, and developed parts of Asia.

There is not much attention being focused here by market players, but as you can see on the weekly timeframe, below, the $56 level represents a major breakout point. After several attempts at breaking through the $56 level over the past year, this time around the EFAis tightly flagging on the weekly chart just under that major level, as opposed to being violently rejected away from it. The more a major level is tested without violent rejection, the more likely it is to eventually be breached. With not many traders positioned for developed world economies to see a major, year-long breakout, this ETF certainly merits your attention going forward as another area to benefit from capital rotation.


THE BLOG: http://ibankcoin.com/chessnwine/2013/01/11/developed-economies-get-oscar-nomination-for-best-supporting-actor/

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