Stocks & Commodities V. 23:8 (74-75): Intermarket Review by David Penn

Stocks & Commodities V. 23:8 (74-75): Intermarket Review by David Penn
Item# /V23/C08/173INT.pdf
Availability: In Stock

Product Description

Stocks & Commodities V. 23:8 (74-75): Intermarket Review by David Penn


The Brazil Fund, a closed-end fund traded on the New York Stock Exchange (NYSE), has been in existence since April 1988. The fund includes holdings in such Brazilian companies as WEG Industries, (industrial goods and services), Banco Itau Holding Financeira (banks), and Petroleo Brasileiro (oil, gas, petrochemicals).

After a strong 2003, during which BZF traded above its 10-week moving average for the later three quarters of the year, the fund slipped into a correction that took about 30% off its late 2003 price. That correction lasted six months into the late spring of 2004, when BZF reversed and began moving aggressively higher. Moving above its 20-and 50-week moving averages in the summer of 2004, BZF nearly doubled in value from those late spring/early summer lows as 2004 drew to an end.

What they say: “One problem is that the obvious source of new investment is old investors—and they have their doubts. Duke Energy, an American company, has invested 1.5 billion reals ($545m) in Brazil since buying CESP Paranapanema, a generator on the edge of Sao Paulo state, in 1999. It has been hurt by currency devaluation, by a plunge in demand when rationing was imposed and by quirky regulatory decisions. ‘We have no plans to invest new capital in Brazil,’ said the company’s ‘southern cone’ chief, Mickey Peters, in August. Duke is keeping quiet before the auction.” —From “No Switch-off, Please: Will A Giant Energy Auction In Brazil Lift Investors’ Spirits?” Economist, December 2, 2004.

*Note: $2.95-$5.95 Articles are in PDF format only. No hard copy of the article(s) will be delivered. During checkout, click the "Download Now" button to immediately receive your article(s) purchase. STOCKS & COMMODITIES magazine is delivered via mail. After paying for your subscription at users can view the S&C Digital Edition in the subscriber's section on

Take Control of Your Trading.
Professional Traders' Starter Kit
All these items shown below only $299.99!
  • 5-year subscription to Technical Analysis of STOCKS & COMMODITIES, The Traders' magazine. (Shipping outside the US is extra. Washington state addresses require sales tax based on your locale.)
  • 5 year access to S&C Archive
  • 5 year access to S&C Digital Edition
  • 5-year subscription to Advantage.
  • 5-year subscription to Working Money.
  • Free book selection.
  • Click Here to Order