This week's market action was moderately positive with US benchmarks somewhat climbing various walls of worries and uncertainties. NASDAQ led US benchmarks higher by rising 1.78% which is impressive. The S&P 500 gained a little over 1%.
This week we noticed many international ETFS turning in positive technical action. EEM - iShares Emerging Markets ETF - gained a solid 2% though volume was below average. Emerging Market ETFs have not been doing well in the past few months as worries about GDP growth in these economies have intensified.
Interestingly, two ETFS from established economies caught our attention this week and these are from different international areas. EWY - iShares S. Korea ETF and EWC - iShares Canada ETF - zoomed higher this week in terms of price action. EWY jumped 4.24% in below average volume. EWC logged a 2.99% pop again on below average volume. Though volume was below average these ETFS logged strong BIR Ratings which sometimes act as technical catalysts. Both EWY and EWC have also logged new RS Rating highs in the last 13 weeks which is again a technically positive development.
From a technical perspective these ETFS appear to have just begun to show some positive traction and we are keeping a close eye on these.
Good Luck and Happy Trading!