Despite two resounding losses to end the World Cup Brazil hosted, including one of the worst in the tournament’s history, EWZ is flirting with a gain of 5% for July, indicating that speculation that said those losses would come back to haunt Rousseff is proving accurate.

However, Brazil equity bulls do need to tread carefully in the months leading up to the country’s Oct. 5 elections. Rousseff is still polling ahead of her challengers with data showing she has a 44% to 40% lead over Aecio Neves of the Brazilian Social Democracy Party, whom she could face in an Oct. 26 runoff, according to the Journal.

If Brazilian stocks have been soaring on the back of bad news for Rousseff, it is possible a significant sell-off occurs if she is reelected.

iShares MSCI Brazil Capped ETF