Latin America is finishing the year on a very strong tone.
The market place is at the mercy of the Fed, its rhetoric and of U.S. Treasuries, which are highly data dependent. Anything that signals weakness either in inflation or in housing will be positive for Latin America because it is going to weaken Treasury yields.
In general it's a healthy profit taking move for the EM market, and for the domestic markets in Latin America as the stock and currency markets are coming off.