The main worry short term is the drop in the Nasdaq. The U.S. didn't back up Argentina today, so there's still a bit of worry about that.

The market was really thin throughout the afternoon, with a continuation of profit-taking from yesterday, but then U.S. markets came back and capital flowed in.

The scenario was bad with Nasdaq, local politics and Argentina...but the market held up well.

Argentina could be the next market to be attacked and since the Argentine market is so close to Brazil, that could bring trouble for us. Brazil still needs foreign financing this year...so we need the flow of foreign funds to continue.

That number showed the market the U.S. may not be able to lower interest rates as soon as people expected ... and that will lengthen the time before their recovery.

With this change in the mood on Argentina, investors are buying Brazilian stocks almost indiscriminately as everything here is so cheap now.