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http://www.sunberst.com/images/berst_crystalball.jpg
The .CO ccTLD is a nice domain to use for those times when you're, chewing on coca ((

)) leaves, sitting on the front porch of your farm house in South America, and suddenly decide you need a website for your local mule breeding business located in Colombia.
However, if you're outside the Country and registering English domain names to flip, you will lose money and time and pleasure. In terms of TLDs, I can't think of many worse than .CO other than maybe .PRO, or .TEL.
The .CO is at its peak now in terms of all this outside speculative interest. Within 24 months most all of the domains registered during the current period will be worthless, including the one above. IMHO
Do yourself a favor and make this rule: Never register a domain unless it's for development and for investments, buy only .COM in the aftermarket. Good luck and have fun!