We are the 10 o’clock scholar. When we posted our letter on the dollar a few days ago it was obvious that short was the way to be. We do not make these comments lightly. When we say that we mean that a trade is justified. This particular trade turned out to be a treasure trove. Where we were insuficiently industrious (in that, the 10 o’clock scholar) was in pointing out that the price was breaking out and that an add-on to the position was justified. Readers are not blind. It would have been in order for a reader to have squalled Herr Doktor Ing Prof von Bassettistein do you not see the thumb in your eye? In fact any occurrence in any issue so obvious deserves poking the professor awake. And almost any issue posted to the edwards-magee google group will be examined if we are not asleep with a thumb in our eye.
As may be seen the dollar (UUP) is at another crucial point. A break below this point would justify an add-on. That would be more speculative at this point, but would be good trading technique.