Despite mixed results in the US over the last week, most global ETFs are now in modestly to severely overbought territory. Hong Kong and China have led the way after incredible moves over the past two days. It’s pretty obvious that the pace of gains in those markets can’t be sustained indefinitely, and the only question now is how long they can last. Bespoke Premium subscribers will get a look at playing Chinese ETFs with options later today in The Closer; consider a free trial to gain access! As for the rest of the world, the momentum-rich (Russia, Indonesia, the Phillipines, Chile and Japan) got richer over the last week while countries like Canada, India, Malaysia, and Mexico all took a hurdle into overbought territory. If you trade or are looking to trade any of these ETFs, keep in mind currencies! All of them give exposure to both underlying equities and the exchange rate between local currency and the dollar, so it’s possible to see large moves in their value without much change in the stocks they track.