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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: gregor_us who wrote (2004)3/14/2004 5:12:12 PM
From: mishedlo  Read Replies (3) of 116555
 
You missed the key piece IMO.

`Completely Unwound'

Futures traders last week trimmed to the lowest in about five months so-called short bets that the dollar will decline versus the euro, the Commodity Futures Trading Commission said in Washington on Friday.

``You had an extreme reading of short dollar positions, which has been almost completely unwound,'' said Patrizio Merciai, 47, an adviser to the asset management board at Lombard Odier Darier Hentsch & Cie. in Geneva, with assets of about $100 billion. ``An even stronger euro from current levels would mean trouble for the European recovery.''
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If that is the case, look for a bit of an overshoot and the US$ to start heading south again. I am going to look at COTs and see if that is the case.

M
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