We’ve been touting the move in Italian stocks all year as they have been essentially bulletproof. There are a few minor concerns in the short-term here, however, that may cause them to at least pause.

First is a confluence of Fibonacci Retracement levels (albeit minor ones) from the 2009 and 2011 tops in the FTSE MIB. Additionally, the iShares Italy ETF $EWI has formed a poential island pattern over the past few days that could result in lower prices in the near-term. Again, only minor concerns so far in a still-buono looking long-term trend.