So the structural component broke out higher, which triggered the feedback loop, so all the short sellers had to come out, and buyers were coming in.

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According to a pretty detailed analysis by UBS, such unwinding will become a reinforcing trend as the end of QE2 reverses capital flows into Treasuries, which, along with the overextended, overcrowded, and exceptional short positions in the U.S. dollar, will create a feedback loop.

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