Our pals at NFTRH.com noted the move in USD/EUR, with the FOMC acting as an accelerant to already likely short-term events. I mean they also babbled a bit about the gold miners.

But the following chart of hedged Europe fund HEDJ and three unhedged Euro items shows why I got rid of the way over crowded ‘currency hedged Europe’ trade.  If a Euro bounce and USD drop were likely, that hedge no longer made sense.

Note HEDJ negative while EZU pops.

I currently hold the last two items in the panels below per ongoing analysis about European exporters (a big pharma and a diversified manufacturer).  So far so good.  Not sure yet if I am going to take these profits. I have to run, but need to think about the markets tonight (and I am sure NFTRH will have an update in the morning).