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Despite the fact that Brazil is trading up over +2% this morning, the Bovespa Index remains broken from a quantitative perspective. I'll need to see a closing price over the 61,644 line before I start to give this country the benefit of the doubt again.

As of Friday's close, the Bovespa has fallen -19.2% since May 20th when the entire "Fast Money" community was buying everything Latin American, from fertilizer to food stocks. There is big time risk in running with this "me-too" crowd. Respect it; manage it.

KM

(chart courtesy of stockcharts.com)