For us this means that the downside gap at 195 on SPY should fill, but no more. Rallies should be contained by 204 to 205 on SPY if indeed this trading rally has not, at least temporarily, run its course. We have seen many articles on the possibility of continued advance in the dollar, and this may occur in 2016, but we are sticking with our forecast that the dollar peaked in the first half of 2015. Should FXF move above 102 it should challenge 108, where we would contemplate sale.
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