One look at our trading range screen of the 30 largest country ETFs tells you that world markets have gotten extended recently. As shown below, 22 of the 30 countries highlighted are now overbought (more than one standard deviation above their 50-days), and more than a handful are at extreme levels (more than two standard deviations above their 50-days). Some of the most overbought countries include China (FXI), France (EWQ), India (PIN), Japan (EWJ), Spain (EWP), and the US (SPY). Of the ETFs listed, India (PIN) is up the most so far this year with a gain of 24.17%. Turkey (TUR) is in a close second with a YTD gain of 22.43%. Russia (RSX) remains the worst performing country on the year with a decline of 10.25%, but the ETF has made a nice run higher recently and is currently 8.99% above its 50-day moving average. Just five countries on the list are in the red this year, and just three are currently below their 50-days (Brazil, Indonesia, Vietnam).
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