It is amazing what a rising rate environment does for interest rate sensitive stocks.  Brazilian homebuilder Gafisa (GFA) is being pummeled.   We are now back to July 2010 lows (nice round trip), after a drop off 33% from peak ($18 to $12).  If this level does not hold, those May lows come into play below $10.  Very compelling from the long side for a long term position here, but near term just ugly.

Not much different how the entire Indian market is being crushed under a wave of interest rate hikes. 

Since Bernanke won't be raising rates until 2024 not much of an issue for state side investors.  Ahem.

No position