Chin UUP and go for the GLD.

Posted on May 13, 2010 by in Letters

UUP -- as we have previously noted is the long side of the euro trade, although other currencies are involved.  We have pretty much been long for months, and it probably a more conservative way to trade the euro, but nevertheless the system is still short the euro.  Short the euro, or long the UUP and long gold are pretty much the prettiest pictures right now as the market staggers away from the abyss.

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