yes, Brazil is looking good. no, EWZ is not the right vehicle. anyone in EWZ would be better off simply buying Itau, Vale, PBR and Bradesco ADRs and save yourself the fees. But, the truth is PBR and Vale are going to hold the EWZ back so that's a double whammy against the ETF.
Agree about EWZ and ETFs in general. Given the new POMO initiative, however, commodities could get another kick in the pants. VALE might be a decent bet for the next several months. As a rule, I stay away from PBR and I don't particularly like this economic climate for Brazilian banks.