Measured in dollars, the Brazilian stock market is up 130% from its low of late last year, with a stronger real contributing almost one fourth of the gain. This is an undeniable green shoot. Brazil is rebounding on a number of fronts, enjoying the benefits of rebounding commodity prices, rebounding global growth, rebounding consumption, a strong currency, and relatively stable politics. What's good for Brazil is good for the global economy, even ours. There is some powerful momentum here, and good fundamentals to go with it.
Full disclosure: I am long SLAFX and EMD at the time of this writing.