Brazil is on a roll, having won the right to host the first-ever Olympics in South America and enjoying one of the world's strongest stock market rebounds this year. Measured in dollars, the Brazilian stock market is now up 174% from its November '08 low. Another 30% gain would take it back to its highest level ever, which was in May '08.
Emerging market stocks and bonds appear to still have considerable upside potential. As the global economy recovers demand for raw materials strengthens and the dollar weakens.
Disclosure: I am long SLAFX and EMD at the time of this writing.