Euro Going To Parity, Predicts Gartman

Markets around the world rallied on Monday, after nations in Europe unveiled a $1 trillion crisis fund.

You could almost hear the collective sigh of relief as the sheer size of the package dazzled investors.

The New York Times called the move a show of massive financial force and an extraordinary show of solidarity in defending the euro.

It is rather impressive. As a sheer dollar amount, it tops the cost of our TARP program back in 2008

But like so many displays of grandeur, the impact faded quickly – and by the close negative chatter had emerged; largely it suggested EU leaders did little more than buy time to address a blossoming crisis

Skeptics questioned whether the euro zone could hold together over the long term and buttress a fragile currency union with stronger political and fiscal instruments.

Dennis Gartman is among those skeptics. He tells Fast Money on Monday we saw very bullish news that should have supported the euro but it didn’t.

“If this is the best it can do, look out below,” he says. “I think euro may be going to parity and maybe even lower.”

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