Take A Chance On Sweden

Let's see how many Abba song titles can be used to illustrate Sweden's robust economy. Sweden's corporate giants are definitely making "Money, Money, Money" as 80% reported earnings that exceeded analysts’ estimates last quarter, according to Bloomberg News.

That means it might be time to say "Gimme! Gimme! Gimme!" to the iShares MSCI Sweden Index Fund (NYSE: EWD). After all, if Sweden is the "Super Trouper" among Europe's economy, then EWD is worth a nod.

Sweden posted GDP growth of 3.7% in the second quarter and 3% in the first quarter. Not India or Thailand, but probably enough to make the U.S. or Japan say "I Have A Dream." The Swedish government lifted its 2010 estimate on July 5, bringing its official growth forecast to 3.3% for this year and of 3.8% in 2011, according to Bloomberg.

EWD has broken into a higher a range and the chart is marked by a series of higher highs and higher lows. EWD is just pennies away from a 52-week high so investors looking for European exposure might do well to say "I Do, I Do, I Do, I Do" to this ETF.

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