I've recently picked up on some rumblings about the Brazilian Bovespa Index and wanted to have a look at the technical take. It's no secret that Brazil is a commodity rich (and self-sustaining) country who will continue to benefit from our disastrous policies.
Copper (not shown) - The longer-term structure suggests we could see $4 copper, but in the shorter-term I am looking at a 5% upside versus a 15% correction before heading into the next leg higher. Eventually Copper will be a good play because it is both dollar sensitive as well as one of the main industrial components in the event we actually have a recovery this decade. I do not put much weight into it as an "economic barometer" right now because the prices are being heavily influenced by the Dollar, Pig Farmers, Chinese Diversification and the rest of the speculators as opposed to actually being consumed from industrial demand. As far as Copper becoming the next precious metal...I remember when oil became "Black Gold" at 150/bbl and now it's just "crude oil" sitting in idle tankers as far as the eye can see.
