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We had a preview of the world's largest carry trade unwinding in March, then the full movie plaid out on a CNBC channel near you in October. Scary stuff… particularly if you were short the Yen...

The November melt up is not unlike that which we have seen in the US$... it's just another reminder that levering up long with a cheap currency has another side to the trade.

October was a worldwide liquidity crisis capitulation. November is the thaw - it's a process, not a point. The Yen putting in a lower high on this latest liquidity rally will be too. We shorted the Yen today via the FXY (etf) in the Hedgeye Portfolio. Goldman was out positive on the other side of us.
KM