Of the 200 or so key ETFs that we track across all asset classes, the Spain ETF (NYSEARCA:EWP) is currently trading the farthest above its 50-day moving average. How quickly things have changed since June when Spain and the rest of Europe was plagued with sovereign debt worries. In fact, the nine ETFs trading the farthest above their 50-days are all related to European equities. And of the 30 most overbought ETFs shown, only one is related to US equities -- the Steel ETF (NYSEARCA:SLX). While things here have been hot, they've been even hotter elsewhere.
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