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Not that I think the rally is over per se, but if you look at the chart the 50-DMA isn't a great support level. We pierced materially twice and then rallied.



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Global Market ETFs Walloped
DateMonday, May 24, 2010 at 05:52PM

Below is a list of country specific and regional equity ETFs. We provide the 5-day change and the distance from the 50-day moving average for each ETF. It's hard to miss the common theme across all of the ETFs highlighted - red. It's been an ugly few weeks for equity markets across the world, and most stock markets remain as oversold as they've been in a long time. Nearly all of the ETFs shown are more than 10% below their 50-day moving averages. Most of the time, just a few will reach -10% on global pullbacks. Australia (EWA), Spain (EWP), and Italy (EWI) are currently the farthest below their 50-day moving averages at -17% or more. It's ugly out there right now, but rest assured that we will see green again. There are plenty of people that remain worried about markets at these levels, but there are also plenty of investors now salivating to buy at these prices.

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