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Euro & Franc: Save Room For The Meat In The Middle
A trend trader's goal is not to pick tops or bottoms, but to capture the proverbial "meat in the middle", i.e.: the bulk of a market move following a reversal. We see the Euro and Swiss franc entering that phase right now. Draghi earned the market's respect two summers ago when he called the bottom just above 1.20, and that respect is not going to change. Likewise global money centers that had long Euro exposure to their loan portfolios have had ample time to clean up what they could, and hedge what they couldn't. And Middle East, Russian, and Asian financiers who prefer to avoid U.S. Dollar holdings will have ... (full story)