Everyone Is Watching Italy

This morning, the Italian parliament voted on budget that passed with 308 votes. While this budget vote passed it lacked the majority. This tells the world that Prime Minister Silvio Berlusconi might resign after losing his majority position. This Italian debt saga is simply taking over where Greece left off, however, this crisis is enormous compared to the Greek debt crisis.

The iShares MSCI Italy Index Fund (NYSE:EWI) has declined sharply since the results of the vote were announced. Traders should watch for intra-day support around the $13.00 area. Should this level fail to hold as support the EWI could trade down to the $11.80 area. Traders and investors must continue to follow this story very closely as it is moving the markets.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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