Jubak suggests playing the Chinese market via Brazil: http://jubakpicks.com/2009/07/29/chinese-stocks-crack-time-to-go-bargain-hunting-in-brazil/#more Tonight Vale SA (VALE) reported an 84% drop in profits: http://www.bloomberg.com/apps/news?pid=20601086&sid=aNFSqm3p.vfs This should pull VALE back towards 15: http://stockcharts.com/h-sc/ui?s=Vale Tomorrow I will be looking to sell Jan 2010 puts on Vale at the 12.50 strike. At close today these puts were yielding 3.82% or 7.64% annualized. Tomorrow I expect the yield to be somewhat better. Getting put at 12.50 is alright too.