I have been very happy with my short position against Brazil (by way of Sept. 30 2024 $30 puts). I decided to look a bit deeper into the components of this ETF, and the two big boys are VALE:
And PBR, which looks particularly vulnerable:
It shouldn’t frankly matter what’s under the surface, since the EWZ chart does a good job speaking for itself, but it’s comforting to see the house against which I own fire insurance is surrounded by tall, dry brush.
