I first wrote about Schlumberger (SLB) here on May 6, 2009, at a price of $56.09. Shares of oil and natural gas servicer have jet-streamed toward major, psychological resistance at $100, easily clearing $90 on the way. It goes without saying that if you haven't already, now would be a good time to consider taking some profits off the table.

However, those investors who can tolerate the risk can maintain their full position and go for an even bigger gain, as SLB will likely continue to head north.

Further, I'd raise the sell/stop loss to $68 from $63.

For investors, the emerging markets have been a great place to find profits. No doubt, there are certainly risks, such as seen recently with the market turmoil in Egypt, but a diversified portfolio should solve these problems. Of course, it also helps to have lots of exposure to markets like China and Brazil.

According to Societe Generale, emerging markets may pale in comparison to the growth in commodities. Interestingly enough, it is rising commodities prices that is putting inflationary pressure on these countries. In other words, it is getting tougher for companies to pass along higher raw materials costs. As a result, there has been a rash of interest rate increases.

Bond money managers are usually glum. Then again, they need to be cautious since they are locking up money at fixed rate of returns. In a volatile world, this can certainly be a risky proposition.

So it should be no surprise that the biggest bond money manager, Bill Gross, is not enthusiastic about 2011. He leads the Pacific Investment Management Co., which has $1.2 trillion under management.

The shares of oil/natural gas servicer Schlumberger Limited (SLB), first written about here on May 6, 2009, at a price of $56.09, have vaulted higher this fall, from about $59 to $80. Now would be a good time to consider taking some profits off the table.

However, those investors who can tolerate the risk can maintain their full position and go for an even bigger gain.

The removal of the U.S. deepwater offshore oil drilling moratorium and an oil price that never seems to dip for too long -- it's averaged better than $70 per barrel for months -- spell good things for Schlumberger, and institutional investors have piled in to the stock.

Sugar prices have been on a roller coaster this year. During the middle of the year, rumors were rampant that supply was tight. Prices more than doubled.

Then rumors spread that there would be a surplus of sugar this year and prices had a sharp sell off. Now the latest guesstimate is that sugar demand will exceed supply in the marketing year ending September 30. As reported in Bloomberg/Businessweek, analysts for ABN Amro and VM Group forecast that demand will reach 165.3 million metric tons, more than 3 million tons more than supply.

Last week, investors' were concerned about sugar shortages in the Brazilian crop and that India may have to curtail sugar exports. Sugar prices hit a 30-year high as a result. But when India announced it could have a sugar surplus of 3.5 million metric tons, sugar futures recorded the biggest single day drop since 1980, The Wall Street Journal (subscription required) reported.

India's announcement of a surplus was more than triple market expectations. That news added to the sell-off as sugar futures plunged from 33.39 cents per pound to 29.66 cents per pound (each 1 penny equal $1120). Meanwhile, in Brazil, the backlog of shipments has eased. The lineup of vessels waiting to be loaded was down to 56 from 124 in August. Now the market players must reassess supply and demand and probable price targets.

MSCI Brazil Index (EWZ) closed up $1,01 to $75.40. The Brazilian general election of 2010 will be held on Sunday, October 3. The Presidency of the Republic, all Chamber of Deputies seats, and fifty-four of the Federal Senate seats, will be contested in this election, along with all 26 states (plus the Federal District) governorships and the state legislatures.

October put option implied volatility is at 28, November is at 29, December puts are at 31. This versus its 26-week average of 31 according to Track Data, suggesting non-directional price movement.

Smithfield Foods (SFD - option chain) shares are rising today as rumors have surfaced that the company may be an acquisition target for Brazilian meat titan JBS. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on SFD.

SFD opened this morning at $15.60. So far today the stock has hit a low of $15.28 and a high of $16.20. As of 12:15, SFD is trading at $15.34 up 0.46 (3.1%). The chart for SFD looks neutral and S&P gives SFD a neutral 3 STARS (out of 5) hold ranking.

There are many places that Warren Buffett may choose to invest Berkshire Hathaway (BRK.A / BRK.B) capital. At the same time you can be sure there are places he will not set foot. It is not likely he will invest anywhere that does not have a vibrant, well-established stock market with a stable government. So, Mr. Hugo Chavez in Venezuela will not likely see any capital deployed from the likes of "my pal Warren" any time soon.

As a matter of fact, I would put the chances at slim of any South American country, besides Brazil, getting a look at all. Brazil is just too big and too vibrant to ignore. I would rule out Africa entirely except for indirect investments in oil and minerals through large conglomerates. The closest thing in the region would be Israel, at the furthest western reaches of Asia. He has already invested there and there is a high probability he would again. Investors from most of Europe and Asia have done the same, although many would rather not discuss it.

He has also invested in China, Great Britain, South Korea, and Switzerland. I would expect more money to be plowed into all of them again without reservation if the right deal materialized.

It's no secret that China's phenomenal growth has been driving the global recovery. China's first-quarter GDP grew at an 11.9% annual pace despite three significant increases to reserve requirements that were designed to cool lending and growth. That's why in much of 2009 and early 2010 I was bullish on China and overweighted my global portfolios in favor of this country.

But all good things must come to an end and right now it's time to get selective about which China stocks you buy. That's why I recommend investors cut back their China holdings and look for new opportunities in emerging markets.

The stock chart of integrated oil/natural gas company Petroleo Brasileiro SA (PBR), also known as Petrobras, which I first wrote about on April 23, 2009, at a price of $33.99, has recovered slightly, but has not broken out of a long-term bear-hug pattern.

Hence, it's probably best to exit the shares at the current roughly $42 to $43 price and take the $8 to $9 gain.

Thursday morning, it was announced that British petroleum firm BP (BP) will pay $7 billion for a group of Brazilian assets held by American firm Devon Energy (DVN). In exchange, Devon will receive half of BP's Kirby assets in Alberta, Canada for $500 million.

BP believes the its entry into Brazil will "add a major position in another attractive deep-water basin." BP will dish out $7 billion for interests in 10 exploration blocks in Brazil, 240 leases in the U.S. Gulf of Mexico deep water, and a nearly 6% stake in an Azerbaijan development. As a result of the deal, BP will have complete control of the Kaskida field in the Gulf of Mexico.

The hotel market may be straining in the United States and Europe under the weight of new capacity financed during the real estate boom, but the situation is much different in Latin America.

According to travel industry research firm PhoCusWright, international, regional and independent hotels are popping up all over the continent, with both large and small projects in the works to tap into growing demand in the region. In the cities, where it's tough to find real estate, old neighborhoods are "reinventing themselves," PhoCusWright reports, in order to take advantage of the market's potential.

Traditionally, the role of private equity is to buy mature companies and find ways to improve the operations. The result is often a tidy profit.

But over the past couple years, the strategy has been undergoing some changes. Look at the Carlyle Group. Recently, the firm invested $60 million in three growth companies in China. In fact, these deals came only four months after Carlyle raised its Asia Growth Partners IV fund.

Mexican President Felipe Calderon is urging lawmakers in his country and in Brazil to consider a free-trade agreement between the Latin American giants, Bloomberg News reported.

If it's approved, this would be no small economic development. First, the pact would further diversify Mexico's trade base: currently, 80% of Mexico's exports go to the United States. Second, and perhaps even more significant, the action would create spin-off commerce in each country. Typically, when free trade pacts are passed, they lead to increases in GDP and in aggregate demand, which leads to new businesses.