I'm looking for a new entry pt. Is this it? 1/3 of designated GFA spec money sounds about right. If there is more drop, 1/3 more next wk........looking for around 6 by March/April due to fundamentals but more due to slow growing interest in foreign mkts generally. Talking heads are starting to "mention" foriegn mkts. Many will stop their spotlight right on Brazil due to world stage events coming up there. Many are glued to talking heads. Aco, any current,specific, Brazilian events/issues emerging that you're aware of?
GLTY, Aco...I'm watching the $4.35 area for potential H&S with right shoulder taking it back to $4.7 before falling again. I'm seeing a similar pattern in VALE with possible $19.80 bottom there before putting in right shoulder. Earnings could pound this market back down to gap fill. No man's land in here really.
Brazil-wide, Dilma just scheduled an emergency meeting to discuss a developing energy crisis that may lead to rationing. Apparently hydro-generation is down 62% from last year. This doesn't bode well for attempts to jump start economic growth...
I have heard that the rainy season this year has been uncharacteristically dry in Brasilia, so this does make sense.