Also, reports from South America suggest Brazil's economy should post growth of around 1% in 2009. (We know that's not technically overseas but you get the idea.)
With BRIC nations likely to emerge from the downturn somewhat faster than their developed counterparts how should you position yourself? For insights we turned to Mike Gurka of Empowerglobal Funds.
Gurka told us he recommends diversifying your portfolio with companies headquartered outside the U.S. and is especially bullish on Chile based Sociedad Quimica y Minera. And ahead of the broadcast Gurka told our producers he also likes Brazil and South Africa which you can play with the EZA and EWZ.
Tim Seymour has a few other ideas. He suggests long positions in Banco Bradesco and/or Itau Unibanco as Brazil based banking plays.
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Trader disclosure: On June 18th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (C), (GS), (BTU), (AGU), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI); Seymour's Firm Owns (RSX); Levy's Firm Owns (MON); Terranova Owns (XBI), (TER), (BTU), (ABT), (MSFT); Terranova Owns (BRCM) & Is Short (BRCM) Calls; Terranova Owns (POT)& Short (POT) Calls; Terranova Is Short (JPM)& Is Short (JPM) Calls; Terranova Owns (MS) & Short (MS) Calls; Teranova Owns (X) & Is SHort (X) Calls; Terranova Owns July Nat Gas Futures ; Terranova Owns (DIS) Octovber Call Spread; Terranova Is Short (XOM) Call Spread; Terranova Is Short (GENZ) Call Spread; Terranova Is Short (OIH)& (OIH) Puts; Terranova Is Short (RIG)& (RIG) Puts; Terranova Is Short (FCX)& (FCX) Puts; Terranova Is Short (RIMM)& (RIMM) Puts; Terranova Is Short (IBM) Calls