How perfectly did this crap rise to test the breakdown and then drop?  My stop as noted last week was a rise above 43, so I still hold Spain (Europe’s version of junk bonds) short, along with the chunk of SPY also noted.  No leverage, just short.  I am leveraged short against the Financials however, with FAZ, bought yesterday (conveniently noted today, so distrustful sorts feel free to discount it) on its chart pattern.  This is starting to feel sooooo January 2014.

Back on EWP, it (along with Italy’s iShares EWI) was an indicator to the speculative potential (i.e. manic excess) over there in Europe since the middle of last year.  The target was in the low-mid 40′s and damned if it did not get there off its lows below 20.

Now what?  Well, the daily technicals do not look so good.  Looks like a date with the SMA 200 at least.  I took EWP short as opposed to Europe as a whole.

NFTRH 300 noted a short setup in the Euro STOXX 50 (using the EZU ETF as the vehicle) as an in-letter NFTRH+ idea per this chart.  Perfect backtest there too prior to pukage.

Check out EZU today.  It was noted as bearish in the Key ETF updates…