"Brazil has long been our favorite of the BRIC countries," says Carl Delfeld. In his Chartwell Global Wealth Letter, the advisor looks at two favored Brazilian equity ETFs.

"Brazil seems to have confounded its critics, who view it as a boom and bust economy; the country has been upgraded to investment grade status by Moody's.

"The US ratings agency cited the resilience of the Brazilian economy to the financial crisis for the upgrade of its sovereign debt ratings one notch to Baa3, its lowest investment grade rating.

"This elevation of quality is well earned after years of reform in the country that led to lower inflation and a stronger currency as well as lower levels of government debt.

"Gafisa S.A. (NYSE: GFA) is a bet on Brazil; the company is the country's second-largest homebuilder," says international investing expert Nicholas Vardy.

In his The Global Bull Market Alert, he adds, "Brazilian homebuilders are a red-hot sector in a red-hot market. Brazil is one of the strongest-performing global markets this year, and one that you should definitely have exposure to in the final quarter of 2009.

"Brazilian homebuilders are a red-hot sector in a red-hot market. Stocks in this sector have already doubled their share prices this year as policy makers cut interest rates to a record low and the government unveiled a 34 billion real ($18.8 billion) housing stimulus plan.

"Rio de Janiero-based Petroleo Brasileiro S.A. (NYSE: PBR) is in the heart of the global growth story," says Daniel Frishberg, BizRadio host and editor of The MoneyMan Market Newsletter.

"In general, investors are still seeing selloffs as buying opportunities even though the majority of stocks are in a bear market. We are not sure how long this can continue.

"Our 'Crazy Investor Index' does not yet show the type of extreme fear that is typical at a bottom, so it will probably mill around in short-term rallies and selloffs until something motivates them to panic simultaneously.

"In the meantime, we prefer to buy excellent companies just as the herd decides to stampede. And while our portfolio is now slightly net short we are adding one new long position: Petroleo Brasileiro S.A., often referred to as Petrobras.