Users: Nubevestor: EWP_Weekly.png
Spain is presenting a an entry for me. Stop below the blue line
I like this. It's a play on a declining Euro, and Mario Rajoy's reconfirmation. If Italian referendum is passed in December, it's going to be quite damaging to EUR, which is great for Spain.
I would wIt, however, for the coming sell off in the US before buying it.
Yes, I have been very hesitant about buying anything recently with SPX being so weak. Decided to watch EWP here and see how it holds up. Not buying into weakness today. Will watch the close.
By the way, have you ever looked at HEWP? Its the same as EWP only its currency hedged. If you are Euro bearish this might improve your gains...(Italian referendum December, Fed hikes, Dutch elections in March, French Elections in June).
After all, the whole point of the trade is that Spain benefits when the Euro plunges....If you aren't currency hedged, gains on the IBEX will be eaten up by your currency loss.