Trading was kind of sideways today, confirming yesterday's rise. The perception is that prices (of Brazilian shares) in dollar terms are very cheap.

It was a very bad day. The telecommunications sector has a very big weighting on the index.

The PFL has hardened its stance and people are scared it will delay passage of the CPMF through the Senate.

These were names the market knew and it was good news.

The market continues depressed with no positive news coming out from within Brazil nor outside. This financial help for Argentina bought them time, but the structural problems continue.

The market's performance is a reflection of uncertainties over the energy rationing, and in relation to the hike in interest rates.