Bovespa bargain hunting.

Brazil's Bovespa Index has tumbled substantially and is currently holding below the bearish pivot resistance of 63,318 level.
It's now a very good hunting ground at great bargains.Moving in now at a staggered manner will provide great opportunities when the higher interest rates regime ends.
Brazil’s central bank began raising the benchmark interest rate from a record low 8.75 percent in April last year. The 300 basis points, or 3 percentage points, since then marks the biggest jump since 2005, when policy makers completed a series that added 375 basis points to the overnight lending rate.
Last Friday's index closing at 61,513.24 down 694,09 is still not safe as yet unless the index can sustain above 61,687 level.

Tracking the Dow on Friday,8/07/11(5 market days to index futures expiry)

Economic events:-employment situation,wholesale trade,consumer credit.

9:30am:--nearly 100.0 points opening gap down.

10:30am:--1st hour low,hammering the bottom.

11:30am:--New morning low,bullish engulfing.

12:30noon:--Morning star at the bear pivot.

1:30pm:--Failed to touch session resistance line.

2:30pm:--Pullback near to bear pivot support.

3:30pm:--Ascending soldiers.

4:00pm:-Bullish breakout.

Despite last Friday sell-off which came after the Labor Department reported that the US economy created a paltry 18,000 jobs in June, pushing the unemployment rate up to 9.2 percent,the overall weekly performance shows of a powerful bull in the driver's seat.It's an inverted bullish hammer.

Any intermittent pullback the Dow index will hit the MAV support before it continues its rally.