Italy Drops Like a Rock
The iShares MSCI Italy Index Fund (NYSE:EWI) is trading lower this morning by $1.02 to $15.41 a share. The 6.25 percent decline in the EWI could be just the start of things to come as the country could be the next nation to need of a European bailout. In June 2010, the EWI traded as low as $13.21 a share. This tells us that EWI could still decline a lot further before reaching some major daily chart support. The EWI will have some intra-day support around the $14.90 area.
Most other leading European stock indexes are declining sharply lower today. The iShares MSCI Spain Index (NYSE:EWP), iShares MSCI Germany Index (NYSE:EWG), and iShares MSCI France Index (NYSE:EWQ) are all trading lower by nearly 5.0 percent. All of these stocks could remain under pressure in the near term.
Nicholas Santiago InTheMoneyStocks.com