Let's Not Forget About Emerging Europe

As we watch the Germanys and Frances of the world break out to new highs, we wonder how some of the less developed countries are doing out there. Standard and Poors has an Emerging Europe Fund - $GUR with companies like Lukoil from Russia and Turkish Bank Garan. The concept is interesting but the chart is really what screams out.

We're going on test #5 of this 44.5 - 45.5 level:

This is basically what Germany and France looked like in early December (see here). So it appears as though inevitably we should see a breakout. The question here is whether they've been lagging the others for good reason and will continue to do so? Or whether the emerging areas will be forced to play catch-up and begin to outperform?

Either way, it's certainly an interesting chart pressing up against some important levels. This is something I don't think we should ignore.

Tags: $GUR $EWG $EWQ $FEZ