The sentiment in Brazil is very similar to the sentiment in the US – “bullish but….”  The current activity in the market is exactly what we were referring to in our recent call for a pause in the upside. The market is correcting internally without a major spike in the VIX or drop in the market as evidenced by the S&P 500 being unchanged over the last week, while the percentage of stocks above the 10- & 50-day moving averages declining from the recent peak (Figure 1).    

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