I. HISTORY Awareness of major cycles affords long term trend perspective. With over thirty-five years experience and institutional memory, Rohr provides an exceptional assessment of trend conditions and major price potentials.

II. PERSPECTIVE Effective intermediate term trend focus benefits clients who desire both decisive technical finesse at key price levels, and cogent review of fundamental and psychological forces driving current and extended trends.

III. FINESSE Rohr has one of the sharpest pencils in the field. While that smacks of the sort of hyperbole we studiously avoid, clients have consistently noted one of the significant benefits of our highly focused analysis is how well it encourages active, effective risk management. As no analyst is always right, we are dedicated to timely finesse of both anticipated and unexpected activity.

History: Many analysts only view the Euro from its January 1999 inception. This leaves them prone to citing new all-time lows or highs which are technically correct, yet not the most effective perspective. For example, the 1.3666 December 2004 official all-time high of EUR/USD was actually well short of the March 1995 hypothetical 1.4535 high set by the synthetic EMU currency basket, and overbought into important resistance. Rohr also has extensive experience of central bank activity, and subsequent major market responses.

Perspective: The assessment that the US dollar up trend was stalling in late 2005 was based upon a combined lack of technical UP Break follow through, as well as the shift in key fundamental factors. Similarly, the likelihood long dated fixed income would enter a more aggressive bear phase into early 2006 was discerned from the Fall 2005 technical trend failure of the Bund, and the rapidly improving European economic situation.

Finesse: After accurately anticipating the aggressive early 2006 fixed income bear, we noted a strong basing potential into mid-May 2006. Yet, it was clear that still left room for the US T-note's subsequent erosion into a new low at the 104-00 area major support not quite hit in mid-May. As such, we avoided renewing our aggressive bear view when that occurred just as European instruments held their previous lows. We also projected the early-July T-note recovery confirmed a sustained correction had begun, as well as the likelihood of a mid-May US dollar bottom into EUR/USD 1.2950, leaving it range bound.



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