At least for the next six months:
Brazil’s iBovespa appears to be consolidating its recent gains (EWZ +1.2% today).
The global market is doing its best to discourage investors, as illustrated by today’s chart of the DJIA (from +87 points at the intraday high to -86 points at the intraday low to a current print of +53):
Keep in mind that it’s impossible to rally once all investors are on board. It’s the fund managers and/or retail investors who were left behind that ultimately drive the indexes to new highs.