It looks like we hit the bottom of a parallel channel and bounced. If the broader markets hold up, we should be OK from here, though I wouldn't be surprised to see a sideways/slightly down day tomorrow.
the daily local is sitting on the 144ema. last time we hit this in Oct 2012, it corrected another 10% below. volume on the local shares is above average (43% of last day's volume 90 mins into the day). we'll see. guys i talk to locally think the market is oversold as do i.
Brazil's central bank on Friday offered to sell as many as 27,000 reverse currency swaps, derivative contracts that mimic the purchase of dollars in the futures market and are used by the monetary authority to weaken the real.