Viewing the 1-year chart below we can clearly see that the share price for ECU is oversold with a crossover occurring in the slow-sto, setting up a possible reversal if the share price can push through the 3-week downtrend line.

The current bond insurance debacle including Ambac and MBIA is weighing heavily on the markets as an expected downgrade will most likely send shock waves through the all markets. If NY Governor Eliot Spitzer is correct, we may see this addressed as early as this week. Currently, the only rating agency with some residue of credibility left appears to be Fitch.

It could be an interesting week ahead.