AMEX:ICOL iShares Inc iShares MSCI Colombia ETF
Colombia is a high-beta EM country running a twin-deficit. These exposures turned in November when the dollar started falling more precipitously, and the global risk backdrop improved. Dollar weakness is good for commodity exporting EM's, who price in dollars. Moreover, Colombia provides significant beta to Oil prices, which are evidently at the current time. The chart above shows ICOL overlaid with USDCOP (inverted.) We believe it is worth starting a SMALL position in Colombia here, playing a reversal to the top of the daily .