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‘Call It Fate, Call It Luck’: That Dollar Pullback Everyone Was Begging For Is Here
Jeff Gundlach may have been wrong about the imminent Treasury short squeeze that purportedly had the potential to take 10Y yields down to 2.25%, but he was definitely right when he said the following last week about the stretched long position in the dollar:
Speculative positioning is way long the dollar and now they’re wrong.
As a reminder, here's what that spec positioning looks like:
(Bloomberg)
"I don’t think we’ll have new highs in the dollar without first seeing new moves to
few weeks/months breather, then 3rd wave up, if youre into that. should get everyone nice and juiced up…AAII should see multiple 40+ reads (only 2 so far post january, which was the end of 3 months of many 40+ reads)…..and then ‘whocuddoknode?’