Fading Brazil

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Interesting morning so far – – gold is getting its shiny bottom kicked, and equities are (as usual) drifting higher. I came into the day short Brazil by way of EWZ, and unlike US markets, Brazil is actually slipping right now. Of particular interest to me, besides the enormous multi-year drift down, is this highlighted pattern……..

0804-EWZ

With a closer look, you can see the massive gap down which, with months of fighting back, has just about sealed up.

0804-EWZCLOSE

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