Tuesday, June 26, 2007

Today's Trade: EWZ

I took a small nible in EWZ at the close yesterday, with a 300 share position $60.35. I've placed a mental stop just under $60, with an initial target at the recent all time high, around $63. I'll look to add more if it can break into new high territory.

If you look at the trend on the chart below, you'll see that the "Brazil trade" has been to aggresively buy dips and breakouts. Nothing too complicated here, just buy on any dip and set a low risk stop. While I have no empirical evidence, I have a gut feeling this will continue until we reach $100. As usual, I'll continue with what has worked until it stops working.

at $60.

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