Global X FTSE Greek ETF (
) surged 8% in four times normal volume Friday as German
Chancellor Angela Merkel prepared to visit Athens next week to
discuss with the prime minister ways to solve the country's debt
It will be her first visit to Greece since 2007, before the
debt crisis started. Prime Minister Antonis Samaras said Friday
that the country will run out of money by next month if the next
round of bailout money isn't received.
Greek union leaders led protests outside parliament over
Merkel's visit. The unions said in a statement that "workers,
pensioners and unemployed people can take no more of the European
Union's punitive policies," AP reported.
GREK's gain Friday brought the week's advance to 16%. Friday's
action was a breakout above a 16.10 buy point in a deep,
cup-with-handle pattern. The top of the handle is 20% below the
top of the pattern. Breakouts work best when they occur within
15% of the high.
GREK has a Relative Strength Rating of 78 and an
Accumulation-Distribution Rating of A.
Elsewhere in Europe,iShares MSCI Italy (
) rose 1% for a weekly gain of 6%. EWI's RS Rating is a low 54,
and its Acc-Dis Rating is a neutral C. But it found support at
its 10-week line, which just crossed above its 40-week line this
week, both constructive moves.
Among other big gainers Friday, several China ETFs gained 1%
to 3% as the country ended a one-week holiday centered on the
Oct. 1 National Day. The advance came amid worries about an
economic slowdown and hopes of impending stimulus action when the
new government is installed in November.Global X China Materials
) vaulted 2%, Global XChina Consumer (
) 2% and iShares FTSE China 25 (
PowerShares Dynamic Financials (PFI) leapt 2%.
On the losing end, coffee slumped 3% or more.IPath Coffee ETN
(JO) plunged 4% and iPathPure Beta Coffee ETF (CAFE) fell 3%.
SPDR S&P 500 (SPY) was nearly flat in afternoon trade
Friday, ending the week with a gain of about 1%.PowerShares QQQ
(QQQ), which tracks the 100 largest nonfinancial stocks in the
Nasdaq, was nearly flat for the day and week.
IShares MSCI EAFE (EFA), which tracks developed foreign
markets, was flat for the day and up 2% for the week.IShares MSCI
Emerging Markets (EEM) was flat Friday and up 1% for the