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November 3, 2013

Slippery Slope for Oil

A little over two weeks ago, I noted a reluctance to add to the dollar short I had been carrying, despite the fact a daily cycle had just failed early in its cycle count. My reticence was based on an expectation for an upcoming intermediate low along with the possibility of a short cycle count. If the dollar swung into a new intermediate cycle, I wrote, the last part of the decline in a low could be erased very swiftly. Here is what transpired ...

 

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