I think a lot of people were waiting on it to outperform toward the end of 2015 and it didn't happen. Then it followed the markets down in January, and spooked/hurt a lot of people. Brazil has really outperformed SPX over the latter part of this recovery trade, but was really hard to find a spot to get in on a swing trade as moves were very fierce.
Tuesday evening after the close, I was reviewing some charts and put VALE on my watchlist for the next day -- which is of course an excellent proxy for Brazilian market. It was down a little that morning and it looked good, but with the Fed meeting yesterday, I just kept talking myself out of it. Everything down there had a whale of a huge run up already, maybe it was too soon, Fed meeting, I'll wait and see. The whole country has just blown up the latter half of yesterday into today.
Looks like a potential new bull market bottom down. Buying dips into RIO 2016 is definitely on the table. Just hope I do a better job of it next time.
