Currently: Long Looking to: Sell @ $38.55
As of 5/15/20 close: $35.95
LAST WEEK: We suggested selling longs in European stocks when IEV tested $39.10. We suggested shorting European stock proxies when IEV tests $40.15.
UPDATE: The European ETF (IEV) pulled back a bit this week, but should have some room left to run before this corrective move is over. We would anticipate a move up to at least $38.55 and possibly up to $40.89 to play out before the bounce is over.
We would look to sell longs and get short at $38.55 and with stops on a close above $41 and with a downside target of $31.