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Nicholas Vardy

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Global markets took a breather this past week, with earnings season set to begin. But it was a good week for India’s ICICI Bank (IBN), which recovered 6.5% since last Monday. The Swedish ETF (EWD) also was up almost 3% this past week. Since our initial recommendations, Sweden (EWD) rose 9.55%, the U.K.’s Tesco (TSCDY) climbed 5.04%, and Latin American cell phone company America Movil (AMX) jumped 4.42%. All of our recommendations remain buys at these levels.

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Companhia Vale do Rio Doce (“CVRD”) is a Brazilian-based metals and mining company that has a truly international scope.

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Stocks surged yesterday on signs of resilience in the housing market and the U.S. consumer, as well as falling oil prices. The Dow Jones Industrial Average reached a five-week high, rising 128.00 points to 12,510.30 — its highest close since Feb. 26. The Dow now is back in positive territory for the year and 276 points below its record close of 12,786.64, reached Feb. 20. Markets in Asia also were up across the board overnight. Mr. Market is emerging from his emotional funk.

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With four out of six positions showing a profit, our Global Bull Market Alert portfolio is performing solidly during this most recent bout of market uncertainty.

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After their strongest week in four years, U.S. markets have been in a downbeat mood so far this week. The combination of softer consumer confidence and a warning about lower profits than expected from Lennar, the third-biggest U.S. homebuilder, have aggravated worries about the U.S. economy.

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Over the past few years, Warren Buffett has been diversifying his investments into companies outside of the United States.

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