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Posted on May 16, 2009 by in Letters

Back a year ago we started buying the dollar based first of all on the economic analysis that the dollar was radically undervalued.  In April 08 we got the signal we were looking for, followed by lift off.  Late in the year the long term trend we were looking for fizzled and that was it.  Now each successive upwave in the dollar is weaker and it is in a sideways to downtrend.  Way to be at present is short.

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