http://stockcharts.com/h-sc/ui?s=EWM&p=D&b=5&g=0&id=p30923843948&a=205610531

http://stockcharts.com/h-sc/ui?s=EPP&p=D&b=5&g=0&id=p10821119644&a=205610672

We looked at a long list of ETFs having to do with Eastern Europe, Asia, Japan, etc.

Yesterday all these listed threw off buy signals:  (EWM and EPP illustrated above)  EUROX — EWT — EWM — EWS — EWT — EWY

Given the still unsettled conditions in the market we would use a 5% stop from the low of today.  Today’s action is neutral — not as confirming as we would like, but not a cancelation of yesterday. It goes without saying that commitments should be light here — for example 1/3 to 1/5 of an intended commitment.

We think extreme alertness is in order the rest of this week to guard against market turbulence.