If you haven't heard the chest-beating yet from brazilians, you will...

367 companies on the Sao Paulo stock exchange reached on 5/31 a market capitalization of R$1.9T (and USD$984B).. and since the 1st day of june pretty much every stock on BOVESPA went up, the iBovespa index went up 2%+ and the dollar exchange rate went down to R$1.906.. the "Bovespa reaches USD$1T market capitalization" should be about to make headlines.

An amazing contrast to the pessimism of 2002. Now the big question is how close to a bubble this is? The progress on economic fundamentals that brazil experienced in the last 3 years is great, but does it justify such a brutal 5X+ increase of the stock market?