China has overtaken the U.S. in yet another category of global influence this morning. This time it’s Brazil. China is now Brazil’s No. 1 trading partner, snapping a nearly 80-year tradition of Brazil depending primarily on exports to America.

From the tidal wave of e-mails and comments I have received from numerous different sources I am under the impression that most investors view the recent rally in the world’s stock markets as a bear market rally. I suppose we would need to define a bear market rally as a rally that fails to make a new all-time high (for the S&P 500, above the 1576 reached in October 2007) and is also followed by a new low for this cycle (below 666 for the S&P 500 reached in early March 2009).

With a wheezing economy that’s struggling with housing and credit problems – as well as a weak dollar – it’s clear the United States won’t be in the investment spotlight this year.

Good morning Australia. It’s another triple digit mid-day decline on the Dow. Is this the Obama Rally?

The risk of owning Brazilian government bonds fell to its lowest level since May 9, as ratings agency Fitch raised the emerging market’s credit rating to investment grade. This from Bloomberg:

Fitch raised Brazil’s foreign-currency debt rating to BBB-, the lowest investment-grade level, from BB+, matching a move made by S&P on April 30. The increase will give the South American country better access to capital markets because some institutional investors can only buy securities issued by countries with at least two investment-grade ratings.

Many people are in sticker shock thanks to high gas prices and oil that punched through the $135-a-barrel level recently, before sliding back.

Of the hundreds of ETFs on the market, one of the most useful to track is the PowerShares Building & Construction Portfolio (PKB).

Recent Brazilian oil discoveries have lead Brazil’s richest man, Eike Batista, to take his company OGX Petroleo e Gas Participacoes SA public in a $3.37bn share offering. This from Bloomberg:

Brazilian billionaire Eike Batista is planning a 5.59 billion real ($3.37 billion) initial public offering of OGX Petroleo e Gas Participacoes SA, betting the country’s recent oil finds will lure investors who snubbed 20 IPOs this year.

Wall Street firm Goldman Sachs made the term “BRICs” famous in a 2003 research report.

There’s nothing worse than missing an amazing window of opportunity. When these great opportunities in the BRIC economies filter through to the mainstream – the chance to make huge profits is over. Get in ahead of the curve right now.