Many exchange traded funds that track individual countries have been beaten to a pulp in 2011. Some bargain hunters see cheap valuations in these hard-hit ETFs despite global debt and economic tensions.

Last week, we took a look at some of the most oversold ETFs measured by distance from the 50-day moving averages. [The Contrarian: Oversold ETFs]

According to My Simple Quant, over 90% of single-country ETFs are trading below their 200-day moving averages, indicating bear market territory.

“Only three of these ETFs are even up on the year,” according to the blog. “The market is now (and has been for a few weeks)¬†guilty until proven innocent.”

With most of these funds trading deep in the red, a contrarian investor may see a potential buying opportunity.

It is important to have an investment strategy in place to know when to exit or enter a market. Our investment approach includes using moving averages to reduce portfolio risk and to spot opportunities. [ETF Trend-Following Plan.]

For more information on country ETFs, visit our global ETFs category.

Ticker Date/Time ETF Close % Above/Below
200 SMA
YTD Change (%)
TUR 8/22/2011 Turkey Investable Market Index 44.58 -40.7 -32.67
EWI 8/22/2011 Italy Index 12.89 -34.47 -21.31
VNM 8/22/2011 Market Vectors Viam 18.18 -29.43 -30.56
EIS 8/22/2011 Israel Capped Investable Market 43.76 -28.65 -27.69
EWG 8/22/2011 Germany Index 19.62 -28.62 -18.05
EWO 8/22/2011 Austria Investable Market Index 17.07 -28.41 -23.56
EWD 8/22/2011 Sweden Index 24.49 -27.35 -21.58
RSX 8/22/2011 Market Vectors Russia Trust Sbi 30.47 -25.57 -19.63
EPOL 8/22/2011 Poland Investable Market Index 27.9 -24.7 -16.94
EWN 8/22/2011 Netherlands Investable Market I 17.33 -23.46 -17.83
EWQ 8/22/2011 France Index 20.96 -22.97 -14.27
EWY 8/22/2011 South Korea Index 50.31 -22.23 -17.78
EWZ 8/22/2011 Brazil (Free) Index 60.15 -22.21 -22.29
FXI 8/22/2011 FTSE China 25 Index 35.67 -20.68 -17.22
EPI 8/22/2011 Wisdomtree India Earnings 19.94 -20.15 -24.44
EWP 8/22/2011 Spain Index 33.75 -18.95 -8.14
AFK 8/22/2011 Market Vectors Africa 28.18 -16.84 -19.9
EWT 8/22/2011 Taiwan Index 12.93 -16.01 -17.22
ECH 8/22/2011 Chile Investable Market Index 63.46 -15.61 -20.28
EWK 8/22/2011 Belgium Ivestable Market Index 11.91 -15.09 -9.29
EIRL 8/22/2011 Ireland Capped Investable Market 18.44 -15.04 -9.21
SPY 8/22/2011 SPDR S&P 500 112.73 -14.12 -10.35
EWH 8/22/2011 Hong Kong Index 16.52 -13.99 -12.68
EWA 8/22/2011 Australia Index 22.36 -13.8 -12.11
EWU 8/22/2011 United Kingdom Index 15.61 -13.19 -10.13
EWC 8/22/2011 Canada Index 27.9 -13.02 -10
MES 8/22/2011 Market Vectors Gulf Shares 19.98 -12.35 -15.55
EWJ 8/22/2011 Japan Index 9.45 -11.42 -13.38
EWS 8/22/2011 Singapore (Free) Index 12.31 -11.01 -11.12
EWW 8/22/2011 Mexico Investable Market Index 54.96 -10.56 -11.24
EZA 8/22/2011 South Africa Index 63.55 -10.04 -14.9
EWL 8/22/2011 Switzerland Index 23.26 -9.56 -7.26
EWM 8/22/2011 Malaysia (Free) Index 14.29 -1.85 -0.63
EPHE 8/22/2011 Philippines Investable Market 24.25 0.75 -2.73
THD 8/22/2011 Thailand Investable Market Index 65.93 0.97 2.04
ENZL 8/22/2011 New Zealand Investable Market 31.15 2.12 6.02
EIDO 8/22/2011 Indonesia Investable Market Index 31.24 4.13 7.35

Source: My Simple Quant

Max Chen contributed to this article.

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