Look Out Below!

It wouldn't be Halloween without a few scary sights.  Here, we share some of the most frightening point-and-figure charts we are seeing in MSCI Europe right now.  Though the heavy representation by cyclical (or Russian Telecom) companies may not surprise many investors, the presence of names from some of the more defensive sectors might.  Why are these charts so concerning?  Well, it is generally not a good sign when (relative) prices break down below levels of long-term support, with no end in sight.