The last time Currency Trader spoke with DynexCorp (www.dynexcorp.com) head Peter Panholzer ("Peter Panholzer: Currency system architect," November 2004), much of the discussion revolved around his firm’s TETRA strategy, which is systematically oriented and executed without discretion. (In addition to TETRA and Percival, DynexCorp trades three other programs — Ranger, Halley, and Interbanker — to diversify across different time horizons, currency portfolios, and approaches.)

By contrast, the Percival Market Sentiment program is a discretionary trading strategy that incorporates principles laid out in currency trader John Percival’s book The Way of the Dollar, as well as many of the contrarian ideas and sentiment analysis tools Panholzer has used in one way or another for decades.