Emerging Conflict

Below are two ETFs based on non-U.S. markets which illustrate the conflict between, on the one hand, the well-formed bullish base that emerging markets have established:

And, on the other, the tremendous overhang of overhead supply which is just about present price levels.

If the EFA manages to push its way past 65, it’ll be clear the bulls have the power they need to keep the rally going.

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