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Much of World Still Oversold

While the US stock market is trading in overbought territory, many countries around the world are currently oversold.  Below we have run the 30 largest country ETFs through our Bespoke Trading Range Screen.  For each ETF, the dot represents where it is currently trading, while the tail end represents where it was trading one week ago.  A detailed description of how to read the screen is provided at the bottom of this post, but basically, moves into the red zones are considered overbought, while moves into the green zone are considered oversold.

As shown, just one other country -- Germany (EWG) -- is currently overbought along with the US.  On the other hand, 14 out of 30 countries are in oversold territory. 

The US has run into a few bumps in the road this year, but compared to the rest of the world, it has had an exceptional 2013.  With just six trading days left, investors are looking to close out the year on a strong note.