"The technical backdrop has taken a distinctly bullish turn," says Michael Ashbaugh in MarketWatch's The Technical Indicator. Here, he looks at the market averages and a trio of stock ideas.

"Perhaps most obviously, the S&P has staged a 10-to-1 rally, and a 28-to-1 spike, from its 200-day moving average. And by any measure, this raises a bullish technical flag.

"With a gravity-defying rally, the S&P extended its gains, clearing resistance at 930 last Thursday. From current levels, significant resistance holds at the 2009 closing high of 946 while initial support rests at 930.

"Meanwhile, the Dow's near-term view is similar. With this week's rally, it's staged a 'V'-shaped reversal, breaking to one-month highs. Looking ahead, significant resistance holds at 8,799 - matching the 2009 closing high - while support rests at 8,580, matching the breakout point.

America Movil (NYSE: AMX), a provider of wireless telecommunications service in Mexico, Argentina, Brazil, Columbia & Ecuador, closed at $33.88. AMX overall option implied volatility of 83 is above its 26-week average of 43 according to Track Data, suggesting larger price movement.

Telmex (NYSE: TMX), an operator of wireline telecommunication systems in Mexico, closed at $22.64. TMX November option implied volatility of 63 is above its 26-week average of 35 according to Track Data, suggesting larger price movement.

Cemex (NYSE: CX), an international producer, distributor and marketer of cement, closed at $10.12. Smith Barney says "Tougher times ahead; downgrading to Hold." CX November option implied volatility of 122 is above its 26-week average of 45 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

"Based in Mexico, América Móvil (NYSE: AMX) is the largest wireless service provider in Latin America," notes wireless sector expert Nikhil Hutheesing.

The editor of The Forbes Wireless Stock Watch notes that the company's largest stakeholder is billionaire Carlos Slim who holds a 30% stake. Here's the advisors's bullish assessment for the company.

"AMX, which was spun out of Mexico's Telmex in 2000, operates out of Mexico City, but only about 30% of its business is actually in Mexico. It has has been growing rapidly mostly by acquiring troubled Latin American operators that took on too much debt during the telecom bubble.

"Móvil then consolidates operations, changes management as necessary, and makes operations more efficient and profitable.

"With 3G networks in place, América Móvil will be able to boost revenue and profit by selling more data services. It's already offering 3G service in Mexico and plans to spend another $4 billion to upgrade its wireless networks to 3G in five or so more countries this year.

CNet Networks (NASDAQ: CNET), a leading independent source of product information with detailed content on technology products, is expected to report EPS on 10/23. Over the last five years, CNET has been frequently mentioned as a buyout target of multimedia conglomerates. STFL says, "Moving to hold; still takeover upside; stand alone valuation less attractive." CNET November option implied volatility of 54 is above its 26-week average of 38 according to Track Data, suggesting increasing price risks.

America Movil (NYSE: AMX), provides wireless telecommunications service in Mexico, Argentina, Brazil, Colombia & Ecuador, announced on 10/10 its intention to pay a special dividend of US$1.85 ADR, shareholders will be called on or before 10/31 to approve the dividend. AMX is expected to announce EPS on 10/18. AMX has a market cap of $117 million. AMX overall option implied volatility of 34 is near its 26-week average according to Track Data, suggesting non-directional price fluctuations.

Daily options update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Each month, the Forbes International Investment Report includes a Q&A feature with a fund manager or analyst which editor John Christy has chosen for "exceptional insight into global markets and investing."

His latest interview is with Gonzalo Pangaro at T. Rowe Price. Based in London, Pangaro, with 15 years of experience in Latin America, manages $6 billion in Latin American equities, including the T.Rowe Price Latin America Fund (PRLAX). Here are some highlights.

Forbes/Christy: Latin American stocks are having a great year so far. Is it too late to get on board?

Pangaro: "I don't think so. There are still very attractive opportunities in Latin America.The performance has been extremely strong in the past three years, but before then, Latin America traded sideways for 10 years. So we are coming from a very low base, and the macroeconomic improvement in many countries has been significant.

"Back in 1994, at the time of the 'Tequila Crisis', countries had exchange rates that were fixed at artificially high levels, big current account deficits, poor fiscal positions, and very high dollar-denominated external debt. So they were very vulnerable.

"All of that has changed. All the key countries have paid down their dollar debt, inflation is under control, currencies are floating freely, and current accounts are in surplus. So I think the economic situation has improved meaningfully.

If you're reading this on 7/7/07, today is your lucky day. That's because Reuters reports that today is the day that an organization called New 7 Wonders of the World is releasing its list of the 7 Wonders of the World in Lisbon. Europe's leading contenders are the Acropolis in Athens, Rome's Colosseum, and the Eiffel Tower. They are competing with Machu Picchu, Mexico's Chichen Itza ruins, India's Taj Mahal, Petra in Jordan, Christ Redeemer in Brazil, and the statues of Easter Island.

In honor of 7/7/07 and those 7 Wonders, I've picked 7 Wonders of the Investment World. Rather than select a stock from each of the countries where the 7 Wonders reside, I've decided to pick seven companies from around the world that I perceive as global leaders in significant industries that may make good long-term investments.

Here are my 7 Wonders of the Investment World -- listed in alphabetical order:

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Nick Vardy, editor of the Global Stock Investor, chose América Móvil (NYSE: AMX) as his favorite stock for 2007, which rose 38% as of 6/1/07. Here is his original recommendation for AMX and his current opinion on the stock.

For his new favorite idea for the second half of 2007, the advisor looks to Millicom International Cellular (NASDAQ: MICC), which he calls, the "Indiana Jones" of the global cell phone industry. He explains, "Luxembourg-based Millicom is one of a handful of global players that are profiting by expanding in cell phone markets where others fear to tread.

"Its strategy has been unique and daring. While the Vodafones and América Móvils of the world slug it out in big cell phone telecommunications markets such as Brazil and India, Millicom has cobbled together a patchwork empire that consists of 16 countries in Central America, South America, Africa, and South and Southeast Asia.

"In total, Millicom's cellular operations are licensed to serve a combined population of approximately 278 million people -- roughly the population of the United States. Millicom has focused on offering prepaid cell phone services in countries where landlines are inadequate.

"Although most of Millicom's sales growth occurs in traditional Latin American markets, more than half of Millicom's customers are in Africa and Asia. And that's where much of Millicom's future growth lies. Given the relatively low cell penetration rates, Africa is the fastest-growing region of the world for cell phone use.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

John Christy, editor of the Forbes International Investment Report, chose Nokia Corp. (NYSE: NOK) as his favorite stock for 2007, which rose 39% as of 6/1/07. Here is his original recommendation for Nokia and his current opinion on the stock.

For his new favorite stock, the advisor looks south of the border, recommending América Móvil (NYSE: AMX). He explains, "Latin America has been one of the hottest regions for global investors in 2007. As of May 25, the Morgan Stanley Capital International Latin America index is up over 17% in U.S. dollar terms.

"But there's still plenty of money to be made south of the border. AMX is the dominant mobile phone service provider in Mexico. The company's reach extends beyond its home market to more than 125 million subscribers throughout Latin America, with operations in more than a dozen countries.

"Revenue topped $21 billion last year, about half of which came from outside Mexico. The company is controlled by Carlos Slim Helú, who overtook Warren Buffett earlier this year as the world's second-richest man.

Last year the stocks mentioned in my newsletter, The Cohan Letter, were up 15%, 1% better than my benchmark, the S&P 500. But it was a humbling year, so I offer three stock picks for 2007 with a suggestion that you study them carefully.

2006 was humbling because my picks (I focus on three stocks in each monthly edition) trailed the market throughout much of the year. However, they ended up prevailing due to a late December surge in some of the top performing stocks -- e.g., Telefonos de Mexico, S.A. (ADR) (NYSE: TMX) was up 36% from $20.83 when I first mentioned it to $28.26 and Wal-Mart de Mexico (ADR) (OTC: WMMVY) rose 28% from $34.25 (I blogged about it here) to $43.85. This was due to portfolio managers' practice of window dressing -- buying stocks that have done well right at the end of the year so they can report to their shareholders that they owned the stocks.

Since 1998, when public sources began tracking my stock picks, I've been fortunate to have outperformed the S&P 500 in all but one year (in 2003, my stock picks were up 23% compared to 29% for the S&P 500). Since 1998, my stock picks have averaged a 67% annual return compared to a 6% return for the S&P 500. However, 2006 was by far the worst year for my stock picks -- the second worst was 2004 when my picks were up 20% compared to 9% for the S&P 500.

One of the key reasons for these results is limiting losses through a 2% stop loss on stocks mentioned in The Cohan Letter -- if a stock's price falls 2% below the level at which it was noted, the stock is sold. To put the importance of this rule into context, I used it to dump 61% of the 36 stocks highlighted in 2006. Without it, my stock picks would have lost money for investors.

So it is with a serious helping of humble pie that I offer these three stocks to consider for 2007:

While domestic phone companies battle for market share, non-US firms are building dominant positions in markets considered by many to offer higher growth potential, such as Latin America. And despite their foreign operations, several of these stocks are traded through ADRs on the New York exchange.

John Christy III, editor of the Forbes International Investment Report is a fan of America Movil (NYSE: AMX), the dominant mobile phone company in Mexico, with operations in a dozen other Latin American countries. The company is controlled by billionaire Carlos Slim Helu, the world's third-richest man (following Bill Gates and Warren Buffett).

Says Christy, "American Movil has had a stellar record of growth and profitability over the past five years. With cellular penetration rates in Latin America hovering in the 40% range (versus 90%+ in Europe), there is a lot more room for growth."

The shares have risen 15% since he first added it to his portfolio two months ago, and he cautions that they might pull back. However, he says, "Use dips as an opportunity to scoop up more shares. AMX is trading at less than 15 times next year's consensus earnings forecast of $2.90. With estimated earnings growth running at a 35%+ clip, AMX still looks extremely attractive."