Being short Petrobras since that point has been a play on the company specific fundamentals which frankly haven't really improved.
The call was also about a conduit for being short Brazil ( EWZ , quote ) and when the big boys need to short Brazil Petrobras and VALE (VALE, quote) are proven friends.
It's time to look to build a position in Petrobras, albeit carefully. Brazil is still in shaky territory but it is very oversold. Petrobras is starting to look interesting at these levels with oil prices holding, demand returning, and output at the company starting to improve.
I am not saying Petrobras is suddenly a different political animal or any more transparent than they were yesterday.