One of the catalysts for last week’s buying spree was the news out of Greece that the country’s Parliament voted to back a package of deep spending cuts. That’s going to open the door for another round of bailout money from the European Union and the International Monetary Fund, and that news was particularly good for stocks pegged to the region.

As you can see by the chart here of the iShares Europe 350 (IEV), the fund actually had fallen below its technically significant 200-day moving average the previous week. When traders realized that the issue in Greece had received at least a short-term solution, buyers flooded into the sector and pushed stocks back above their 50-day moving average.

Although recent trading in European markets has been choppy, IEV actually has enjoyed a very good year. The fund is up nearly 30% over the past 12 months, so European bulls definitely have been on a year-long run. I suspect that we could get a similar move in the sector during the next 12 months. That’s because the pullback in the space from May through mid-June opened the door for bargain hunters to get in on Europe at an attractive entry price.

Keep an eye on Europe, as it could be one of those rare, unsung buying opportunities we love.