In early trading yesterday, somebody was dumping iShares MSCI Austria (EWO). The average daily trading volume is 148,000 shares. It looks like 100,000 shares were sold right out of the blocks. Unfortunately, the seller paid over a 1% premium to get out all at once. Smart traders saw the difference of the selling price of EWO and the current value of the underlying stocks and bought until the price stabilized at accurate valuation levels. Arbitraging ETFs is getting to be a profitable business. Lesson learned.
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