With U.S. markets officially going from bad to worse this earlier week (and despite the subsequent rebound two days later) the tepid prospects of a recovery in the near future still aren't apt to inspire strong buying of American stocks that rely heavily on American consumers. That's not to say we should throw in the towel though - you just have to look under different stones to find rising stocks.

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You may have to think way outside the box, as it's tough to find a name that isn't well-linked to the United States, or its trade partners, or its spenders. They are out there though, and more importantly, they are rising.

Here are a few ADRs worth serious consideration for your portfolio, at a time when most U.S. stocks are nothing but a liability.

Don't Cry For Me
If you look at a list of winning stocks on a country-by-county basis over the last several months, you might be surprised to find Argentina is usually at the top of a short list. Much of that is attributable to Mercadolibre Inc. (Nasdaq:MELI) - an Argentina-based e-commerce platform that provides service like our PayPal, as well as our eBay (Nasdaq:EBAY).

At a current P/E of around 60, Mercadolibre is priced like a tech growth stock of yesteryear. However, the "growth" is there. Mercadolibre has topped EPS estimates in three of its last four quarters, so the EPS bump from $1.12 this year to $1.50 next year - a 33% improvement - may still not do the company justice.

Avago-Go-Go
Avago Technologies Limited (Nasdaq:AVGO) - the Singapore-based semiconductor maker that someone forget to tell about the weak market. AVGO shares are up 18% for the year, yet still don't feel overbought.

While it would be inaccurate to say Avago Technologies has no U.S. customers, half of the company's sales are to Asian customers. And the company earned $0.47 per share last quarter, topping analyst estimates by four cents. There's not an iron-clad cause/effect relationship there, but the connection between the earnings "beat" (earnings were "ka-ching" by the way) and the bulk of its geographical customer base is nothing to dismiss either.

What Recession?
The obscurity of a Brazilian utility stock can't be denied, but neither can an 82% increase in last quarter's earnings, following a 65% increase in the prior quarter's earnings. That's exactly what CPFL Energia (NYSE:CPL) did though, snapping a five-quarter streak of declining profits.

It's a worthy play not just because of the 7% (ish) dividend yield, but because Brazil's one of the fastest growing countries in the world, and wasn't hit as hard as the rest of the world in the recession. Thus, its recovery is shaping up much faster and firmer than other those of other countries.

The Bottom Line
Not every stock is neck-deep in government red tape, weak consumer demand and tight corporate purse strings; a frustrating description of most of the American business environment right now. You just have to go hunt these stocks down.

Something else to note about these stocks - they've all exhibited sustained bullishness over the last several weeks, which has been just as important if not more important than the underlying fundamentals. In other words, they're proven as rising stocks - something that could be a rare find while the U.S. market flounders. (For more stock analysis, take a look at 4 Stocks The Insiders Are Buying.)

Use the Investopedia Stock Simulator to trade the stocks mentioned in this stock analysis, risk free!

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