Happy Cinco de Mayo! While you’re mixing up a fresh batch of margaritas and guacamole, let’s take a look at Mexico’s exchange traded fund (ETF), which has performance of late that’s worthy of a little celebration.

What a difference a quarter makes. Mexico’s economy grew 4% in the first quarter of this year after shrinking 2.3% in the final quarter of 2010. Behind the growth lies strong consumer demand, which has been lending some support to the export-driven economy, reports Jonathan J. Levin and Jens Erik Gould for BusinessWeek.

But wait…there’s more.

iShares MSCI Mexico ETF (NYSEArca: EWW) in particular has moved above its long-term trend line once again and is now 7.3% above that point. Can it keep moving in the right direction? The country’s leaders seem to believe so.

For more stories about Mexico, visit our Mexico category.

  • iShares MSCI Mexico ETF (NYSEArca: EWW)

  • CurrencyShares Mexican Peso Trust (NYSEArca: FXM)

Read the disclaimer; as Tom Lydon is a board member of Rydex|SGI.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.