Tuesday, June 7, 2011

Chart of the day is....

...the Peru Stock Exchange IGBVL "General" index, 12 months to date updated from yesterday (as promised in yesterday's CotD)

The subtle difference is the 12.45% drop, the biggest in the IGBVL's history. It only traded for half an hour at the open and then for two hours from 11am, as well. The BVL's head honcho, Roberto Hoyle, was all over Peru TV news shows last night trying to explain why the directors of the bolsa decided to panic and spread the panic they did. For me it's either that they're total morons or that they actually wanted panic to happen, most likely both. Thew word Idiots is too kind for them.

But that was then and this is now and when this market is a buy is the question, not whether. It could be today, it could be next week, but right now my thumb-stuck-in-the-air-best-guess is tomorrow Wednesday 8th June, the same day the Aymara people go back to their protest and start blocking roads in Puno again. But whatever day it rebounds, it's gonna rebound, be clear about that. That chart above you is money waiting to be earned in long positions to come, it's up to you to decide whether you want a slice of the returns.