The ‘apples to apples’ chart of unhedged Spain vs. unhedged Deutschland (iShares) continues to sport an interesting pattern that implies the speculative impulse is still alive and well in Europe and thus, so too is our future trade in the likes of hedged Europe via HEDJ.

NFTRH is managing certain technical pullback levels on the Euro STOXX 50 and as a buying opp. draws closer, will do the same on HEDJ. The trade is not just a technical one of Europe, it combines a logical technical pullback point with the implied message of the chart above, assuming it is still intact at such time as STOXX 50 hits pullback target (and the Euro tops out).

But for public purposes, those interested in another European ‘me too’ QE trade should keep an eye on indicators like the above, which would imply less risk if still intact at said time.