Bookkeeping: Closing Braskem (BAK) as Brazilian Market Mimics America's

By IBTimes Staff Reporter | February 24 2010 3:00 PM

Brazilian chemical maker Braskem (BAK) now has a chart I'd be searching for when seeking short candidates, so I am going to punt the remaining holding position of 0.15%. The majority of this position was sold in latter January, with more going out in early February - both in the mid to upper $14s which is just above where the stock is now.

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[Dec 9, 2009: Braskem - Brazilian Chemical Maker]

The greater Brazilian market, after peaking its head over the 20 and 50 day moving averages, continues to struggle as well... in a world where computers now have created almost perfect correlation across assets the globe over, this chart looks similar to the S&P 500. At this point it is hard to envision any great move up globally with Greece casting a shadow on Europe, & China, India, and Brazil not participating. Perhaps Mr.Bernanke can pledge low rates for an extended period of time for the entire planet to help give them all a boost. Or start making 1 country after another a bank holding company with access to the Fed's discount window... boo yah.