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Be careful chasing momentum, writes UBS' Javier Kulesz, reminding of 2 years ago when Brazil -...

Jul. 29, 2012 8:20 AM ETEWW, EWZ, BRF, BZQ, SMK, BRXX, UBR, UMX, BRAZ, BRAQ, BRAF, EWZSBy: Stephen Alpher, SA News Editor4 Comments
Be careful chasing momentum, writes UBS' Javier Kulesz, reminding of 2 years ago when Brazil - garnering the Olympics and the The Economist cover while getting kudos for its swift post-GFC recovery - was a market darling, while Mexico was just the opposite. Since then, Mexico (EWW) is up over 20%, outperforming Brazil (EWZ) by more than 4500 basis points. Now it's Mexico drawing the raves. One might do worse going forward than going long Brazil against a short in Mexico.

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