What impact will Germany’s naked short-selling ban have on the U.S. markets? Lee Eugene Munson, chief investment officer at Portfolio Asset Management shared his insights and favorite stocks.
“It calls into question what the Germans are thinking,” Munson told CNBC.
“Naked short-selling is a wrong thing and when Germany comes out as if this is some sort of great revelation, the sentiment is ‘what else can they come out with, if they can’t understand the basic idea that this should have been banned a long time ago?’”
Munson said there’s still a lot of anxiety and uncertainty on Wall Street due to a lack of credibility.
Meanwhile, he said the euro is going to see a bounce.
“We’ve got a lot of short-sellers out there starting to unwind,” he said. “I think this is the place where the euro starts to recover—I think we see it go back to $1.25 to $1.30 against the dollar.”
Bank of America
- Euro Is in Danger: Germany's Merkel
Scorecard — What He Said Last Time:
- Watch Munson's Previous Appearance on CNBC (May 7, 2010)
- Strategist: Europe Stocks 'Will End Year Higher' (!)
- Germany's Short-Sale Ban Won't Stop Market Speculators
- Art Cashin: The Only Real Market Mover Now
CNBC Data Pages:
CNBC's Companies in the News:
Target Profit Beats on Clothing, Electronics Gains
No immediate information was available for Munson or his firm.