Your prediction was correct and it turned out to be a great buying opportunity, up over 9% since then. This ETF is a nice dollar hedge, and since there's no change in U.S. federal policy of increasing the national debt, I'm going to be a long term holder of IEV. McCain wants to make the Bush tax cuts permanent --- that should put us even further into the red.
Wish it weren't so, but starting a war and cutting taxes simultaneously has its fiscal consequences. Might as well make a profit.