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International EAFE index fund is a buy above $60, short below it

AMEX:EFA   ISHARES TRUST MSCI EAFE ETF
EFA
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efa
This stock index which measures the performance of developed country large and mid-cap stocks, not including US and Canada has taken it on the chin in recent weeks. It's highly levered to European stocks, and therefore has been impacted by the Greece turmoil. However, supportive monetary policy in the eurozone, as well as signs of improving growth make for a more optimistic long term view on EFA , if you're willing to brave the volatility spurred by Greece.

On a volatility basis, EFA is still behaving relatively calmly compared to prior major volatility events in 2011, 2010 and 2008. I think that if support holds at $60 it's good buy for the long-term, and wouldn't be surprised to see money managers currently underweight Europe start to move funds back to Europe if the US earnings season falls flat and the headlines around Greece begin to recede since the worst case scenario (Greek leaving the eurozone) is close to baked into prices at this point.
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