#$efnl

They say no two snowflakes are alike. So it is with European bourses. While it's widely known that the many of the equity markets across the continent have experienced their share of difficulties lately, not all of the markets have been acting like Euro-trash. So while some of the "core" European countries like France are making lower highs and some of the PIIGS are making 52-week lows, many of the markets across Northern Europe have actually been making new 52-week highs, similar to the S&P 500. To wit:

OK, Switzerland isn't in Northern Europe, but the rest are. Throw in Denmark which is also at new highs and you can see the theme here. The one exception in Scandinavia is Norway which has gotten rocked due to its oil exposure.

It is possible that these will all result in false breakouts. After all, if there has been one phenomenon as consistent as the V-Bottom lately, it has been the false breakout. The nice thing, to us, is that the markets all look to be testing the breakout area so if they are false breakouts, it should be apparent soon.

There are ETF's available, by the way, covering all of these markets. One problem you may find is that some of them may not seem to be tracking the cash indices. A lot of that has to do with currency risk as their home currencies have been tumbling versus the dollar. So that is certainly a consideration to keep in mind.

However, if one must have European exposure, or for some reason looking for it, there is good news. If you are not a fan of buying down-trending markets like France, let alone falling knives like Greece, there are other options. Just look north.

__________