Today's action in the miners certainly had the feel of stops being run, with prices dropping below recent lows only to rebound strongly into the close.
Brazil? Here's my take. I originally intended to buy tomorrow, taking shares away from nervous investors heading into Sunday's elections. However, there must be a few hundred thousand other traders with the same outlook. In addition, the midday plunge in EWZ to 39.38 was eerily similar to the stop running pattern in miners. I'll wager that the Ibovespa gaps up on Friday, frustrating both today's sellers and tomorrow's buyers.