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We are the end of another Month, so I thought I would update a long-term monthly look at the U.S. Dollar. As mentioned above, the bottom line was created by connecting the lowest monthly closes in 1992 & 2008. I then created a parallel line and laid it on the highest monthly close in 2005. As this month is coming to a close, the U.S. Dollar is making an attempt to break above this channel line, that has been in place for almost a decade.

Should the US$ succeed and break free from this line, buyers will step in and odds increase some commodities that have been weak of late, will continue weak. What the US$ does from here until the end of the year will have a ton to do with our portfolio construction going forward.