This just in: Spanish bull market underway

|By:, SA News Editor

Obscured by the government shenanigans in the U.S. and Italy is continuing improvement in the European periphery, particularly Spain, particularly the country's banking sector. The iShares MSCI Spain Capped ETF (EWP) after today's 1.5% rise is ahead by 15% in the last month and nearly 30% over the last quarter.

Two of the fund's three largest holdings - banking giants Banco Santander (SAN +3.1%) at 20% of AUM, and BBVA (BBVA +1.9%) at 12.6% of AUM - are each more than 30% higher during the same time frame.