[Ray G]

No quicker way to lose money than to lose one's perspective on the motivations of the parties involved.

An older gentleman I used to advise would regularly lose money in Fx because he would not disconnect his views on global issues from basic economics.

When I would tell him that Bush was letting the dollar fall and tried to explain the economics behind deflation, the affects of a deficit on the dollar, how this tied into interest rates, our exporters etc, he just refused to listen.

Anyway, he lost money. Wouldn't listen so he just got out altogether.

This is related to all those that believed the "non" was already factored in to the euro before Sunday. "The lady doth protest too much, methinks" is the appropriate quote here. "The non is factored in, the non is factored in."

The truth of the matter is that the general consensus of many people is that they want to see the euro do better and they've allowed this emotional response to interfere with their judgment.

Witness the current level, even on an American holiday, 2470 as I write. The profit taking hasn't even kicked in.