The weekly chart for the Mexican ETF shows two important trends. The first is a rally that started in mid-2011 and lasted until the Spring of 2012. During this time we see rising momentum and increased CMF readings, indicating money flowing into the market. From trough to peak, prices increased about 68%, which is an impressive showing for any index.
But for this year, prices have retreated as the overall economy has slowed. Here's a chart of the annual percent change in Mexican GDP:
In addition, the new president is attempting to push through an impressive and broad series of economic and political reforms, which has led to a slowing economy.
