4 Global ETFs That Could Fall 10% Or More

Look around world and it's getting harder and harder to find safe havens with country-specific ETFs these days. It's not just Europe that's the problem, though it should be noted the ProShares UltraShort MSCI Europe

is looking particularly stylish these days. There's a plethora of problems on every other continent, too. Well, Antarctica gets a pass because penguins and polar bears haven't yet discovered the wonders of sovereign debt, credit default swaps and no traders from J.P. Morgan Chase

live there. The charts don't lie. The Vanguard Total Stock Market ETF

is a mess. The all world ex-U.S. equivalent, the Vanguard Total International Stock Index ETF

, has an uglier chart and uglier recent performance. With that, let's play "Dora the Explorer" and go searching for some country-specific funds that could fall another 10% from their current levels.

Around here, we don't pretend to be Monday morning quarterbacks. In other words, we own up to our flubs. Have we previously made

? Yes, and we're not going to run away from those comments or even change course. That said, IDX, the largest Indonesia ETF, closed just above $28 today and the chart indicates there's a gap from October that needs to be filled in. That wouldn't represent a 10% decline, but the charts of IDX and the iShares MSCI Indonesia Investable Market Index Fund

are bearish and a 10% decline for both is not out of the realm of possibility.

We nailed this one, saying earlier this month

. That forecast has proven accurate. EWZ closed just above $54 on Monday, but the chart is so weak that a return to the October 2011 low below $49 is possible. There are macroeconomic concerns facing Brazil right now

.

If there was anyone reason to be bullish on the iShares MSCI France Index Fund

, it may have gone out the window with Monday's 2.6% drop on volume that was better than double the daily average. France's fundamental woes are well known now and EWQ's

.

The unheralded iShares MSCI New Zealand Investable Market Index Fund has sharply outperformed the iShares MSCI Australia Index Fund

year-to-date, but with EWA showing vulnerability recently, it's hard to be bullish on ENZL. New Zealand's retail sales fell in the first quarter, the kiwi is trading near multi-month lows and Reserve Bank governor Alan Bollard even acknowledged New Zealand's economy is vulnerable to a global downturn and deteriorating credit conditions in other countries. A slide of 10% or more for ENZL might be a tad ambitious, but this ETF is poised for more downside.