In early July I was sitting in the waiting area at my dentist’s office when I heard a patient in one of the examination rooms cry out, "When will the pain stop?" I immediately thought of the U.S. dollar, which had hit an all-time record low against the Euro in the beginning of the third quarter.

Just like being short bank stocks, being short the U.S. dollar has been one of the best trades in the first half of the year. Between January and July, the U.S. dollar fell vs. nearly every major G-10 currency — the Euro, British pound, Japanese yen, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc, Danish krone, Swedish krona, and Norwegian krone.

However, the tides are turning.