Related: Brazil ETFs Surge After Lula Conviction

Earlier this year, federal police carried out search and arrest warrants throughout the capital in response to O Globo reports on leaked testimony indicating that Temer approved payoffs to acquire the silence of Eduardo Cunha, the man behind last year’s ouster of former president Dilma Rousseff. Recently, Brazilian President Michel Temer survived an effort to suspend him on corruption allegations.

“Based on every metric compared to other global markets and compared to its past, Brazilian stocks are still cheap right now. It still appears to be a good point to buy, hold, and check it 5-10 years from now,” according to Seeking Alpha.

Traders who are betting on a quick turnaround could look to the two times leveraged ProShares Ultra MSCI Brazil (NYSEArca: UBR) or the three times leveraged Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU).

For more information on the Brazilian markets, visit our Brazil category.

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