I wanted to provide a quick market update on the Brazilian ETF position I suggested on Monday. For those that followed we are well on our way to our first take profit level.

Image courtesy Flickr user artemuestra: http://www.flickr.com/people/artemuestra/ Price action on Tuesday pushed EWZ to a new 52 week high with a modest but expected pullback the following session.

As we move into the bottom half of the session today we find price trading at the upper level of the trading range for the day and above yesterday’s open and intraday high.

All of my technical indicators are suggesting continue upside follow through for EWZ.

Our target remains the same and I will continue to monitor the position as we head into the weekend.

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