Bon Dia

A friend called me Friday afternoon while the Dow was doing its 1000 point swing. He was smart, he took a good chunk of cash out of the market awhile ago. He wanted to know if I thought it was time to start looking for some bargains.

I don't think there is any rush. I think the market will be going up and down in a range for about five years (look at a chart of the Dow for the 20th century.) However, one market stands out to me - Brazil.

Look at the iShares MSCI Brazil Index Fund(EWZ. EWZ has fallen 65% since its high four months ago. Brazil's economy is still strong and the government has stashed away plenty of reserves over the past few years as a cushion against economic disruptions. I told my friend he could wait for the market to settle or he could start nibbling with a small position.