In the last few months we have seen a very strong stock market rally. The market has recovered from highly distressed levels and posted exorbitant gains.  In addition the “wall of money” from the U.S. Federal Reserve has pushed risk-prone investors back into the market, pushing its general level up. 

Over the past year, Brazil has established itself as one of the most exciting markets in the world for investors. Its Bovespa stock index is up 55% this year. And the discovery of the huge new Tupi oil field off its east coast has led some investors to refer to Brazil as the “New Saudi Arabia.”

Brazilians used to joke that their country was the country of the future – and always would be because a new crisis seemed to crop up every time the economy came close to fulfilling its potential.

Brazil is making a national commitment to develop energy resources located far offshore in the South Atlantic. Indeed, no nation has ever advanced such an ambitious plan for long-term comprehensive offshore development. And it’s being bankrolled by China.

With Exxon Mobil Corp.’s (XOM) new oil discovery off the coast of Brazil – the latest in a series of such offshore finds and potentially the largest Western Hemisphere discovery in three – the South American nation has taken another giant step in its quest to become a global energy superpower.

When it comes to making money in Brazil, most investors think of oil, coffee, cattle or any number of commodities that underlie the country’s vast resources. But Irwin Greenstein says grocery chain Companhia Brasil Ads (NYSE:CBD) could be one of the best value buys out there.

To show how far emerging markets have fallen, and where they are headed for 2009, look no further than the theory of ‘decoupling’, says Irwin Greenstein, writing for Contrarian Profits.

Commodities will rebound in the New Year, says Martin Hutchinson. Supply and demand fundamentals remain bullish for natural resources. Even more importantly, massive increases in the money supply will create inflation, against which hard assets are an important hedge. Martin gives five ways to play this trend in 2009.

The brutal market sell-off in emerging markets has led many to doubt their importance in the global economy. But Horacio Marquez says the ‘right’ countries in Latin America will thrive in the New Year. Top of the class is Brazil, but Horacio also sees good opportunities in Chile and Mexico.

Chocolate is one of the world’s best comfort foods. And now the world’s largest bulk chocolate maker might be able to bring investors some relief from the market blues, says Adam Lass. Barry Callebaut AG (SWF:BARN) is planning to start producing in Brazil, where it hopes to tap into a big – and rapidly growing – South American market.