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Much of the media continues to express concerns over the Brexit vote. The charts below reflect what Europeans and investors in the US were concerned about, long before and after the vote.

The 2-pack below looks at ETF’s that focus on banks in Europe and Italy.

joe friday european and italian bank support test july 8

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Both of these ETF’s started falling hard back in 2014, long before the Brexit vote. The large declines now have EUFN testing 2011 lows and EWI is now testing lows that took place during the financial crisis. Once these banks started heading down in 2014, broad based indices in the states (NYSE, Wilshire 5000, Valu Line Geometric, Russell 2000) peaked and started heading lower.

Joe Friday Just The Facts–¬†Indices in the states are influenced by the banks in Europe. World hopes that these banks find support at these levels.

 

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