2. China. China has been raising interest rates and limiting bank lending to cool off its white hot economy. They've largely succeeded. It follows that China will eventually ease up on monetary and fiscal policy, enabling the rest of the world to profitably export resources and products.

3. Bargain Hunters. Some of these country ETFs have been beaten down to where the dividend yields are significantly higher than the 10-year U.S. Treasury. What's more, trailing price-to-earnings ratios, forward P/Es and earnings yields should begin attracting bargain hunters with the right bit of stimulus. An accord in Europe accompanied by a pause in tightening by China would do the trick.

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Disclosure Statement: ETF Expert is a Web site that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert Web site. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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