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While Spain and Greece were very much the focal point of Wall Street for Q1-Q2 of 2012, the price action in the iShares MSCI Spain Index (EWP) is quietly making a nice comeback. After a strong rally off the summer low which broke the weekly downtrend line, $EWP stalled out at resistance around $30.00. A breakout above $30.00 should find resistance at a weekly downtrend line around $35.00.

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