The Brazilian rally went into high gear after former President Luiz Inacio Lula da Silva was detained, adding to speculation that support will grow to impeach his successor, President Dilma Rousseff. Amid intensifying protests, some market observers believe Rousseff’s days in power are numbered. However, doubters remain.

Speculation that Rousseff will be impeached has been a major driver of the surge for Brazilian stocks this year, but she is still in power and recently said she will not resign. Impeaching the president could take months and even if those proceedings begin soon, there are no guarantees she will be forced out of office.

“March’s total of $9.09 billion was the most in records going back to the start of 2014 and more than made up for losses of $5.29 billion in the first two months of the year. For the first quarter, emerging market ETFs added $3.8 billion, the most since $7.41 billion in last year’s second quarter, the data show,” according to Bloomberg.

iShares MSCI Emerging Markets ETF

Tom Lydon’s clients own shares of EEM.