The 'small speculators' are doing a remarkably good job of moving with the market in the dollar which is unusual.
The funds long positions and the Open Interest dropped precipitously as of the market close on Tuesday December 16. They do however remain net long, so we will have to see if the selling continues on.
Notice how neatly the dollar came down and tagged key support. We suspect strongly that unless there is significant official intervention, probably from Japan, that we will go back down and retest that low.
"You are the very cause of your ignorance, yourselves. You put away the light, yourselves; you first pluck out both your own eyes, yourselves; and after that other men’s too, so that the blind may lead the blind, until you both fall into the pit.”
Thomas More, The Sadness of Christ (Gethsemane), Tower of London, 1535