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Intraday Market Notes: Brazil Bummer -- Sept.25

|Includes: AAPL, BBD, iShares MSCI Brazil Capped ETF (EWZ), GGAL, ITUB, SID

4:45 pm ET: Media coverage of the riots in Spain was just the fuel to prompt a sell-off. Most of the major averages broke recent support levels (SPX 1450, DJIA 13500, Nasdaq 3150). The only diehard was the DTX. It was able to hold the 490 level which could be a good sign for the bulls. Another encouraging sign is the sharp rise in the Trin. It closed today at 2.25 and anything over 2 is considered to be very contrarian.

Of course, further riots in Europe or any other global acts of insurrection or hostility would likely dash any hopes for a rally, at least in the near-term. I do believe that in light of continuing data supporting global slowdown, the uncertainty surrounding the elections, the impending fiscal cliff, Sino-Japanese tensions, friction in the Middle East (and a possible Iran/Israel war), along with the above mentioned unrest surrounding imposed Eurozone austerity measures, bulls would do well to lighten up their positions, initiate hedging strategies, and sit patiently on the sidelines.

On this side of the globe, Brazil was today's biggest loser. The US publicly traded big-cap financials GGAL, BBD, and ITUB were all down over 5% while steel giant SID was off a whopping 8%. The Brazil etf (NYSEARCA:EWZ) fell over 1%.

On the emerging market front, the Vietnam etf (NYSEARCA:VNM) which did so well this past spring has tumbled 20% from its May high. Today it broke $16 support and could easily test its prior $14 low.

Trade Alert: Apple breaks support
Since the release of the iPhone5 Apple (NASDAQ:AAPL) stock has languished. This was a clear case of the "buy the rumor and sell the news" scenario. Today the stock broke $675 minor support and the topping tail in the daily chart is a sign of further weakness. If you're chomping at the bit to buy on the dip I would advise waiting for a few more days at least. It's likely that the stock will drop back to test $650 support. A convincing rebound would be your signal to step in.

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