Messy in BrazilBrazil is entering the messy part of the year. The easing impulse is fading just as election and fiscal risks are building, sending EWZ back toward critical long-term support. But with commodities holding up and Brazil vol still well below previous extremes, the setup is becoming more interesting than simply “sell Brazil.” The next move could be violent, while optionality remains relatively cheap.The liquidity tap is turning off