New to the site is coverage of European stock prices. This page focusses on the STOXX 50, an index of large caps similar to the Dow Jones Industrials in the US, and an ETF based on the STOXX 50 index, FEZ. Please note that one difference between STOXX and FEZ is that the FEZ chart uses “Adjusted Closes” which incorporate dividend returns, while the STOXX index simply shows closing prices. Accumulated dividends reduce the effective price of the stock, an effect that increases in magnitude as you look at progressively older prices.
STOXX prices are down about 65% from their 2007 highs, and down about 85% from their 2000 highs, despite having more than doubled from their 2011 lows. During most of 2014 and into Q1 of 2015, FEZ was in a down-trending channel, making a series of lower highs and lower lows. In February 2015, however, it broke out of this channel to the upside, and has been gradually working higher, making a series of higher highs and higher lows. FEZ currently sits at about 1.04 grams; it will be interesting to see if this trend can reach and surpass the 2014 high of 1.09 grams, setting the stage for a significant rally to the 1.3-1.5 gram level.
Please note that although I am not currently sending out a update email each week, I am updating a page on the site each week with a bit of commentary and a summary of weekly, monthly and yearly changes to a range of asset classes. I usually update this page over the weekend, at the same time that I refresh most of the chart pages.
Leave a Comment