The mega-move in the euro has prompted popular trader/newsletter writer Dennis Gartman to capitulate.
In his daily note, he declares that he is covering half of his euro short, and that while he still believes in the long-term structural problems, he has been “abundantly wrong” of late.
Again, he’s still sceptical (and has half of his euro short on).
For anyone making a bet though in one direction or another, you obviously have to answer how serious you think Germany and France are right now about supporting the periphery, and beyond that, whether your long-term outlook (regarding structural issues) are necessarily going to be reflective in the short term.
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