Italy Drops Like a Rock

Italy Drops Like a Rock

The iShares MSCI Italy Index Fund (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 (EWP), iShares MSCI Germany Index (EWG), and iShares MSCI France Index (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

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