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Below, Andrew Barber, and I have attached a chart of the rolling sequential changes in Germany's import/export trade data. The German economy continues to hold up better than bad.

I am long Germany via the EWG etf in the Hedgeye Portfolio. The conservative monetary policy of the Bundesbank allows me to sleep more soundly at night on a relative basis to country etf's like Japan, which I continue to short. Germany's EWG security also pays a handsome 9% dividend yield, which I'm happy to collect in economic times like this.

*Full Disclosure: I am also long EWG in my personal fund.
KM