Speaking of $100, the ProShares UltraShort MSCI Brazil Capped (NYSEArca: BZQ), the double-leveraged inverse answer to EWZ, closed above $101.50 Tuesday, but Wagner noted “pullback off these levels within the next few weeks could produce an ideal long entry point in this inverted ETF.”

Even with Tuesday’s 6.4% loss, BZQ is still up nearly 21% to start 2014. In a sign of just how bad things are Brazil ETFs, the Direxion Daily Brazil 3x Bear Shares (NYSEArca: BRZS) was Direxion’s best-performing ETF last month with a gain of over 44% while the Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU) was that issuer’s second-worst ETF in January, according to Direxion data.

iShares MSCI Brazil Capped ETF