I would have thought the election results in Brazil would have...

I would have thought the election results in Brazil would have moved the needle on the SP a little more actually.

It wasn't that long ago that the United States declared a strong focus on strengthening its relations with its Allies Brazil and Argentina. In part due to the fact that China has recently surpassed the United States as Brazil's largest trading partner. Even before the election , Brazil was the largest Latin American supplier of oil and soybeans to China - whereas rather than focusing on trade in commodities , US imports from Brazil are more focused on manufactured goods and services - which in turn is seen as a more beneficial contribution to the long-term development of the country

I think it was the former commander of the U.S Southern Command - James Stavridis who recently cautioned that the United States must approach the region with more Humility and that Latin America is not ' America's Backyard ' but rather an attractive economic partner as well as an important security ally.
Then there was the former Secretary of State Tillerson's speech which would have done well to exclude from this speech the declarations that the Monroe Doctrine which is a document that painted Latin America as a U.S sphere of influence and was not to be touched by outside powers was " as relevant today as it was the day it was written " which was in 1823.

So it's pretty clear that it is time for the United States to construct a new and modern relationship with its regional neighbors. This will indeed prove a more fruitful if not strategic response to China's ever growing presence and influence south of the U.S border.

So I would look for Trump and his new counterpart to be strengthening trade ties in view of the recent tariff war's with China's as well as the mere fact of its increasing influence in this region. Either way , all this bodes well for CTM and it should ultimately be better than just a few ' Pips ' IMO......