Brazil’s stock market is on a tear -- and so is nervousness about the rally’s strength. The benchmark Ibovespa is heading toward its best eight-week run since 1999, and its 60-day implied volatility has risen by a third since the end of January. That options-based measure of expectations for future price gyrations suggests traders are worried the index will fall amid the country’s continuing political turmoil, because volatility usually goes up when prices go down.
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