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While the S&P 500 is at the top end of its trading range and in a nice six-month uptrend, Brazil's stock market has been struggling. As shown below, click to enlarge, Brazil's Bovespa index has been in a nasty downtrend for the last six months, and it traded to fresh multi-month lows yesterday. The index is currently down nearly 9% year to date. 2014 and 2016 can't come soon enough!

Source: Brazil's Stock Market Struggles