It was in late April and early May, 2010 that the currency traders sold the world currencies and bought the yen as concerns arose of the European sovereign debt crisis. This commenced global debt deflation. Debt deflation is the contraction and crisis that follows credit expansion. One of the most famous quotations of Austrian economist Ludwig von Mises is from page 572 of Human Action: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.” Global Debt Deflation saw the value shares fail to outperform the growth shares, which was most recently interrupted by a stock market rally from June 7, 2010 to July 17, 2010. But on July 18, 2010 the value shares went back to falling faster than the growth shares. This rewarded those who were short the value shares with bear market ETFs such as SJH and TZA, which rose 7.5% and 11% on July 18, 2010. The bear stock market that began April 26, 2010 recommenced on July 18, 2010 as Citigroup And Bank Of America reported lower revenues. I appreciate your handy table titled FX Strategy Update which shows EUR/USD Primary Trend Negative, Action None … and EUR/JPY Primary Trend Negative, Action None. Personally, I am bearish the Euro, FXE, last traded at 1.2926; and I am bearish EUR/JPY, last traded at 112.03. I believe that all debt, AGG, all sovereign debt, TLT, IEF, SHY, all EFSF Monetary Debt if issued, all corporate debt CFT, all stocks, ACWI, and all currencies, such as FXA, FXE, FXM, FXC, ICN, FXB, FXS, SZR, FXF, CYB, BZF, XRU, FXB and FXY are headed off into “the pit of investment abandon”, albeit at varying rates. Yes, the Yen, FXY, may have put in a high. The chart of gold, $GOLD, shows that concern over the European Sovereign Debt crisis stimulated an investment demand for gold, as gold rose from 1,060 on February 8, 2010 to $1,250 on June 18, 2010 and is now trading July 16, 2010 at $1,190: it has arisen as the sovereign currency and storehouse of investment value. The chart of the US Government Ten Year Note, IEF, shows that concern over the European Sovereign Debt crisis stimulated a flight to perceived safe haven investment in US Ten Year Government notes in April 2010; but as one will notice, the chart shows three white soldiers on the July 16th, 17th and 18th the bullish reversal pattern consisting of three consecutive white bodies, each with a higher close, suggests we have reached the end of the age of credit and a turn lower in the value of US sovereign debt. With stocks and debt BOTH now turning lower, gold appears to be the best investment choice for individuals, and short selling of stocks with SJH and TZA, as well as short selling of debt with TMV, and short selling of the currency pair EURUSD and EURJPY seems reasonable for institutional investors.