GO
Loading...

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.”





______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On May 10, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;

For Anthony Scramucci
Scaramucci Owns (MO), Skybridge Owns (MO)
Scaramucci Owns (JNJ), Skybridge Owns (JNJ)

For Tim Seymour
Seymour Owns (AAPL)
Seymour Owns (BAC)
Seygem Asset Management Owns (MTL)
Seymour Owns (CX)

For Guy Adami
Adami Owns (AGU)
Adami Owns (C)
Adami Owns (GS)
Adami Owns (INTC)
Adami Owns (MSFT)
Adami Owns (NUE)
Adami Owns (BTU)

For Karen Finerman
Finerman's Firm Is Short (IYR)
Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (SPY)
Finerman's Firm Is Short (MDY)
Finerman's Firm Is Long S&P Puts
Finerman Owns (AAPL)
Finerman's Firm Owns (BAC), (BAC) Calls
Finerman Owns (BAC), (BAC) Preferred
Finerman's Firm Owns (BP) Calls, (BP)
Finerman Owns (GS) Calls
Finerman's Firm Owns (IBM)
Finerman's Firm And Finerman Own (JPM)
Finemran's Firm And Finerman Own (RIG), (RIG) Calls
Finerman Owns (WFC) Preferred

For Joe Terranova
Terranova Is Long Gold Futures
Terranova Is Long Oil Futures
Terranova Owns (OIH)
Terranova Owns (BUCY)
Terranova Owns (POT)
Terranova Owns (XCO)
Terranova Owns (PFE)
Terranova Owns (SWN)
Terranova Owns (C)
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Brian Kelly
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (GFI)
Kanundrum Capital Owns (AUY)
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short (XLE)
Kanundrum Capital Is Short (XLK)
Kanundrum Capital Is Short (XLI)
Kanundrum Capital Is Short (XLV)
Kanundrum Capital Is Short (DE)
Kanundrum Capital Is Short (FDX)
Kanundrum Capital Is Short (CLF)
Kanundrum Capital Is Short (NUE)
Kanundrum Capital Is Short (XOM)
Kanundrum Capital Is Short (HES)
Kanundrum Capital Is Short (SU)
Kanundrum Capital Is Short (CME)
Kanundrum Capital Is Short (MCO)
Kelly Owns (FXE) Puts
Kelly Owns (FXB) Puts

For Dennis Gartman
Funds Managed By Dennis Gartman Are Long Gold; Are Short Euro, Yen
Funds Managed By Dennis Gartman Are Long Australian Dollars, Canadian
Dollars; Are Short Yen, Sterling, Euro
Funds Managed By Dennis Gartman Own (MMM)
Funds Managed By Dennis Gartman Own (DSC)
Funds Managed By Dennis Gartman Are Short (GS)
Funds Managed By Dennis Gartman Are Short (RIMM)
Funds Managed By Dennis Gartman Own (CCI)
Funds Managed By Dennis Gartman Own (PPS)
Funds Managed By Dennis Gartman Own (AAPL)
Funds Managed By Dennis Gartman Are Short (RIMM)
Funds Managed By Dennis Gartman Are Short (GS)
Funds Managed By Dennis Gartman Are Short (GOOD)
Funds Managed By Dennis Gartman Are Short (SPLS)

For Steve Grasso
Stuart Frankel And Its Partners Own (AMR)
Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PALM)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Are Short (QQQQ)
Stuart Frankel And Its Partners Are Short (CL)
Stuart Frankel And Its Partners Are Short (AAPL)
Grasso Owns (NDAQ)
Grasso Owns (DYN)
Grasso Owns (LPX)
Grasso Owns (ASTM)
Grasso Owns (ABK)
Grasso Owns (BAC)
Grasso Owns (BGP)
Grasso Owns (C)
Grasso Owns (CVGI)
Grasso Owns (JPM)
Grasso Owns (NEM)
Grasso Owns (PRST)
Grasso Owns (PFE)
Grasso Owns (BA)
Grasso Owns (T)
Grasso Owns (CSCO)
Grasso Owns (X)

CNBC.com with wires

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET

Halftime Report