Colombia is a high-beta EM country running a twin-deficit. These exposures turned bullish in November when the dollar started falling more precipitously, and the global risk backdrop improved. Dollar weakness is good for commodity exporting EM's, who price commodities in dollars. Moreover, Colombia provides significant beta to Oil prices, which are evidently bullish at the current time. The chart above shows ICOL overlaid with USDCOP (inverted.) We believe it is worth starting a SMALL position in Colombia here, playing a reversal to the top of the daily Bollinger band.