The MSCI brazil index EWZ rallied hard. Broke consolidation highs. Is there some event in Brazil that drove this on May 10th or is this an isolated EM event? I don't see US and EU have any big jumps on May 10th though.
Couple of things: Petrobras is the market darling and had solid earnings. Market anticipating and pricing the approval of the retirement package. Buy the rumors and sell the news. Market is not too far from an all-time high and it is trying to catch up the lost ground. Market came off from a double bottom pattern on a daily chart and it is closing in a double top. No major bad news for a while.