Barely was the analysis out of our mouth before it looked like the downwave in the dollar was a ripple not tsunami.

The downgap is covered in less time than it takes to tell with no threat whatsoever (so far) to trend positions.  Maybe the constant onslaught of reversals is frazzling us too.  We were at the BOW conference Saturday and there were some shell shocked traders there.  Some major major traders and managers.  This little pause in the dollar would hardly deserve notice from a trender except for the psychotic nature of the markets at present.  At the moment we would not look askance at enlarging the dollar position.  The low at the end of October offers a reasonable basing point for a stop.  In our defense (somebody has got to defend us) these downgaps after a run up like this are often the beginning of vicious downwaves.