It's tempting to shop for bargains after a sharp price decline, and Argentina's stock market would seem to have provided just that last night after a primary election result shocked investors. Bloomberg reported a 48% decline in the S&P Merval Index. The U.S. ETFs, [[AGT]] and [[ARGT]], which appear to track the MSCI Argentina Index, have traded down a more modest, but still eye-popping, 25% or so.
The Argentine peso's depreciation is a critical factor here. It fell 15% overnight, and my colleague Jeff Fischer says that the currency depreciation is strong