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“It seems like people don’t learn from the past.” – Thomas Peterffy

Morning stock market summary

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Earnings so far this week have been pretty negative, with 10 of the 16 stocks that have reported missing EPS estimates.  We won’t get a good read on things until next week when the pace of reports picks up dramatically, but it’s not common to see more EPS misses than beats.

As we highlighted in last night’s Closer, the iShares Europe ETF (IEV) has outperformed the S&P 500 (SPY) over the last three months by the widest margin on record since IEV began trading in 2000.  European equities are trading slightly higher once again this morning along with US futures.

As shown below, the charts for European and other international index ETFs now look drastically different than those of the S&P (SPY) and the Nasdaq 100 (QQQ).  While SPY and QQQ have yet to break out of long-term downtrends, Europe (IEV, FEZ), emerging markets (EEM), and the all world ex-US ETF (CWI) have formed new uptrends as they break out to six-month highs.

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