Currently trading up 21 cents for the day. Yesterday's after-hours activity proved meaningless.
And should you ask anyone in the know they will say Rousseff is the clear favorite, probably by landslide and this victory should have already been factored into the markets long ago. Yesterday's poll results are not news by any academic regard.
The other vote has long since been cast and that is with the Brazilian markets. It is a very important vote and one that does not need a ballot. Say all you want about President Dilma Vana Rousseff but she is not so stupid to ignore this critical vote. That's why many pundits have already expressed confidence that Rousseff will be far more investor friendly in the next term, should the early polls prove accurate.
Looking at the other liquid emerging market mainstays, there is little change in those ETFs after hours. Brazilian Real also remains flat after hours. A thinly traded after-hours market tends to exaggerate trades, a quick check after hours and I don't see anything out of the ordinary.
Given today's strong technical bounce and volume indication to back it up, I'd be beyond surprised if EWZ opens that low tomorrow and if it does, I suggest the weakness will quickly be overcome with bids. An analyst poll by Reuters stated that even with growth in Brazil flat for 2014, the Bovespa and IBX50 by reflection, remains significantly oversold. That's why the market's continued obsession with every negative headline in Brazil does not seem sustainable given the level of market distress in Brazil already especially since June. Some big name PE's in Brazil have even entered single digits and that is historically very low. I believe in patience.