After a very poor start to the month, Brazilian equities have been quietly salvaging things in the second half of May as the iShares Brazil ETF (EWZ) is on pace for its second straight week of 5% gains and is even up slightly in early trading today. After trading down as much as 10.6% MTD at the recent lows, EWZ has erased all of its losses and finished the day Thursday with a slight gain on the month.

Since the EWZ ETF began trading back in 2000, the current string of back to back weekly gains marks just the eleventh time that the ETF has rallied more than 5% for two straight weeks. The most recent occurrence was back in October 2018, while the one before that was in late 2016. If you’re a bull on Brazil, the last two weeks should have you feeling good. Not only have Brazilian equities erased all of their May declines, but as shown in the chart below, prior occurrences typically haven’t marked short-term peaks. Besides the first occurrence in early 2001 and an occurrence in early 2014, prior streaks generally took place during uptrending periods for the ETF or in the case of the 2015 occurrence, very late in a decline.