I think we were premature closing out our euro short. There really isn’t viable outcome of the European common currency anymore. It’s possible that the IMF will bail out Europe and that is probably the right thing to do but there will have to be considerably more pain. There is no way Germany is going to bail out its neighbors so it will be left up to the U.S, China,and Japan offering the Germans a face-saving way to pitch in through the IMF.
So we are reinstituting our short position. We started Friday and are adding to it with EUO and call options on EUO or put options on FXE.